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<SEC-DOCUMENT>0001047469-07-000585.txt : 20070202
<SEC-HEADER>0001047469-07-000585.hdr.sgml : 20070202
<ACCEPTANCE-DATETIME>20070202161807
ACCESSION NUMBER:		0001047469-07-000585
CONFORMED SUBMISSION TYPE:	F-10/A
PUBLIC DOCUMENT COUNT:		4
FILED AS OF DATE:		20070202
DATE AS OF CHANGE:		20070202

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			TRANSCANADA CORP
		CENTRAL INDEX KEY:			0001232384
		STANDARD INDUSTRIAL CLASSIFICATION:	NATURAL GAS TRANSMISSION [4922]
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			A0
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		F-10/A
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-140150
		FILM NUMBER:		07576764

	BUSINESS ADDRESS:	
		STREET 1:		450 - 1ST STREET S.W.
		CITY:			CALGARY ALBERTA
		STATE:			A0
		ZIP:			T2P 5H1
		BUSINESS PHONE:		4039202000

	MAIL ADDRESS:	
		STREET 1:		450 - 1ST STREET S.W.
		CITY:			CALGARY ALBERTA
		STATE:			A0
		ZIP:			T2P 5H1
</SEC-HEADER>
<DOCUMENT>
<TYPE>F-10/A
<SEQUENCE>1
<FILENAME>a2175729zf-10a.htm
<DESCRIPTION>FORM F-10
<TEXT>
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<HEAD>
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<FONT SIZE=3 ><A HREF="#07CLG1038_1">QuickLinks</A></FONT>
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<P ALIGN="CENTER"><FONT SIZE=1><B>As filed with the Securities and Exchange Commission on February 2, 2007  </B></FONT></P>

<P ALIGN="RIGHT"><FONT SIZE=1><B> Registration No.&nbsp;333-140150  </B></FONT></P>

<P><FONT SIZE=1><B> <hr noshade width=100% align=left size=4>
<hr noshade width=100% align=left size=1>  </B></FONT></P>

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<P ALIGN="CENTER"><FONT SIZE=4><B>SECURITIES AND EXCHANGE COMMISSION<BR>  </B></FONT><FONT SIZE=1><B>Washington,&nbsp;D.C. 20549  </B></FONT></P>

<HR NOSHADE ALIGN="CENTER" WIDTH="120">
<BR>
<P ALIGN="CENTER"><FONT SIZE=4><B>AMENDMENT NO. 2<BR>  </B></FONT><FONT SIZE=1><B>TO<BR>  </B></FONT><FONT SIZE=4><B>FORM F-10  </B></FONT></P>

<P ALIGN="CENTER"><FONT SIZE=1><B>REGISTRATION STATEMENT UNDER<BR>
THE SECURITIES ACT OF&nbsp;1933  </B></FONT></P>

<HR NOSHADE ALIGN="CENTER" WIDTH="120">
<P ALIGN="CENTER"><FONT SIZE=4><B>TRANSCANADA CORPORATION<BR>  </B></FONT><FONT SIZE=1>(Exact name of Registrant as specified in its charter) </FONT></P>

<HR NOSHADE ALIGN="CENTER" WIDTH="120">

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<TD WIDTH="33%" ALIGN="CENTER"><FONT SIZE=1><B>Canada</B></FONT><FONT SIZE=1><BR>
(Province or other jurisdiction of<BR>
incorporation or organization)</FONT></TD>
<TD WIDTH="33%" ALIGN="CENTER"><FONT SIZE=1><B>4922; 4923; 4924; 5172</B></FONT><FONT SIZE=1><BR>
(Primary Standard Industrial<BR>
Classification Code Number)</FONT></TD>
<TD WIDTH="33%" ALIGN="CENTER"><FONT SIZE=1><B>Not Applicable</B></FONT><FONT SIZE=1><BR>
(I.R.S. Employer<BR>
Identification Number)</FONT></TD>
</TR>
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<P ALIGN="CENTER"><FONT SIZE=1><B>TransCanada Tower, 450&nbsp;First Street S.W., Calgary, Alberta, Canada, T2P&nbsp;5H1, (403)&nbsp;920-2000<BR>  </B></FONT><FONT SIZE=1>(Address and telephone number of Registrant's principal executive offices)
</FONT></P>

<P ALIGN="CENTER"><FONT SIZE=1><B>TransCanada Power Marketing&nbsp;Ltd., 110&nbsp;Turnpike Road, Suite&nbsp;203, Westborough, Massachusetts 01581, (508)&nbsp;871-1855<BR>  </B></FONT><FONT SIZE=1>(Name, address, and telephone number of agent for
service in the United&nbsp;States) </FONT></P>

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<P ALIGN="CENTER"><FONT SIZE=1><B>Copies to:  </B></FONT></P>

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<TD WIDTH="33%" ALIGN="CENTER"><FONT SIZE=1><B>Gregory A. Lohnes</B></FONT><FONT SIZE=1><BR>
TransCanada Corporation<BR>
TransCanada Tower<BR>
450&nbsp;First Street S.W.<BR>
Calgary, Alberta, Canada T2P&nbsp;5H1<BR>
(403)&nbsp;920-2000</FONT></TD>
<TD WIDTH="33%" ALIGN="CENTER"><FONT SIZE=1><B>Michael L. Hermsen, Esq.</B></FONT><FONT SIZE=1><BR>
Mayer, Brown, Rowe&nbsp;&amp; Maw&nbsp;LLP<BR>
71&nbsp;S. Wacker Drive<BR>
Chicago, Illinois<BR>
U.S.A., 60606<BR>
(312)&nbsp;782-0600</FONT></TD>
<TD WIDTH="33%" ALIGN="CENTER"><FONT SIZE=1><B>David R.J. Lefebvre, Esq.</B></FONT><FONT SIZE=1><BR>
Stikeman Elliott&nbsp;LLP<BR>
4300&nbsp;Bankers Hall West<BR>
888&nbsp;Third Street S.W.<BR>
Calgary, Alberta, Canada T2P&nbsp;5C5<BR>
(403)&nbsp;266-9000</FONT></TD>
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<TR VALIGN="TOP">
<TD WIDTH="50%" ALIGN="CENTER"><FONT SIZE=1><B> Christopher J. Cummings, Esq.</B></FONT><FONT SIZE=1><BR>
Shearman&nbsp;&amp; Sterling&nbsp;LLP<BR>
Commerce Court West<BR>
Suite&nbsp;4405, 199&nbsp;Bay Street<BR>
Toronto, Ontario, Canada M5L&nbsp;1E8<BR>
(416)&nbsp;360-8484</FONT></TD>
<TD WIDTH="50%" ALIGN="CENTER"><FONT SIZE=1><B>Don Tse, Esq.</B></FONT><FONT SIZE=1><BR>
Macleod Dixon&nbsp;LLP<BR>
3700&nbsp;Canterra Tower<BR>
400&nbsp;Third Avenue SW<BR>
Calgary, Alberta, Canada AB T2P&nbsp;4H2<BR>
Tel: (403)&nbsp;267-8222</FONT></TD>
</TR>
</TABLE></DIV>
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<HR NOSHADE ALIGN="CENTER" WIDTH="120">
<P ALIGN="CENTER"><FONT SIZE=1><B>Approximate date of commencement of proposed sale of the securities to the public:<BR>
As soon as practicable after this Registration Statement is declared effective.  </B></FONT></P>

<HR NOSHADE ALIGN="CENTER" WIDTH="120">
<P ALIGN="CENTER"><FONT SIZE=1><B> Province of Alberta, Canada</B></FONT><FONT SIZE=1><BR>
(Principal jurisdiction regulating this offering) </FONT></P>

<HR NOSHADE ALIGN="CENTER" WIDTH="120">

<P><FONT SIZE=1>It
is proposed that this filing shall become effective (check appropriate box): </FONT></P>

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<TR VALIGN="TOP">
<TD WIDTH="2%"><FONT SIZE=1>A.</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1><FONT FACE="WINGDINGS">&#111;</FONT></FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD COLSPAN=3><FONT SIZE=1>upon filing with the Commission, pursuant to Rule&nbsp;467(a) (if&nbsp;in connection with an offering being made contemporaneously in the United&nbsp;States and Canada).</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="2%"><BR><FONT SIZE=1> B.</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1><BR>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1><BR>
<FONT FACE="WINGDINGS">&#253;</FONT></FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1><BR>&nbsp;</FONT></TD>
<TD COLSPAN=3><FONT SIZE=1><BR>
at some future date (check appropriate box below):</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="2%"><BR><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1><BR>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1><BR>
1.</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1><BR>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1><BR>
<FONT FACE="WINGDINGS">&#111;</FONT></FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1><BR>&nbsp;</FONT></TD>
<TD WIDTH="89%"><FONT SIZE=1><BR>
pursuant to Rule&nbsp;467(b) on&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;at&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(designate a time not sooner than seven calendar days after filing).</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="2%"><BR><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1><BR>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1><BR>
2.</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1><BR>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1><BR>
<FONT FACE="WINGDINGS">&#111;</FONT></FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1><BR>&nbsp;</FONT></TD>
<TD WIDTH="89%"><FONT SIZE=1><BR>
pursuant to Rule&nbsp;467(b) on&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;at&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(designate a time seven calendar days or sooner after filing) because the securities regulatory authority in the review jurisdiction has issued a receipt or notification of clearance
on&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="2%"><BR><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1><BR>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1><BR>
3.</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1><BR>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1><BR>
<FONT FACE="WINGDINGS">&#253;</FONT></FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1><BR>&nbsp;</FONT></TD>
<TD WIDTH="89%"><FONT SIZE=1><BR>
pursuant to Rule&nbsp;467(b) as soon as practicable after notification of the Commission by the Registrant or the Canadian securities regulatory authority of the review jurisdiction that a receipt or notification of clearance has been issued with
respect hereto.</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="2%"><BR><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1><BR>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1><BR>
4.</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1><BR>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1><BR>
<FONT FACE="WINGDINGS">&#111;</FONT></FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1><BR>&nbsp;</FONT></TD>
<TD WIDTH="89%"><FONT SIZE=1><BR>
after the filing of the next amendment to this Form (if&nbsp;preliminary material is being filed).</FONT></TD>
</TR>
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<P><FONT SIZE=1>If any of the securities being registered on this Form are to be offered on a delayed or continuous basis pursuant to the home jurisdiction's shelf prospectus
offering procedures, check the following box:&nbsp;<FONT FACE="WINGDINGS">&#253;</FONT> </FONT></P>

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<HR NOSHADE ALIGN="CENTER" WIDTH="120">
<P ALIGN="CENTER"><FONT SIZE=1><B>CALCULATION OF REGISTRATION FEE  </B></FONT></P>

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<TD COLSPAN=9><HR NOSHADE></TD>
</TR>
<TR VALIGN="BOTTOM">
<TH WIDTH="21%" ALIGN="CENTER"><FONT SIZE=1><B>Title of Each Class of<BR>
Securities to be Registered</B></FONT><BR></TH>
<TH WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="19%" ALIGN="CENTER"><FONT SIZE=1><B>Amount to<BR>
be Registered(1)(2)(3)</B></FONT><BR></TH>
<TH WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="17%" ALIGN="CENTER"><FONT SIZE=1><B>Proposed Maximum<BR>
Offering Price<BR>
per Security</B></FONT><BR></TH>
<TH WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="17%" ALIGN="CENTER"><FONT SIZE=1><B>Proposed Maximum<BR>
Aggregate<BR>
Offering Price(2)</B></FONT><BR></TH>
<TH WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="17%" ALIGN="CENTER"><FONT SIZE=1><B>Amount of<BR>
Registration Fee(4)</B></FONT><BR></TH>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=9><HR NOSHADE></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="21%"><FONT SIZE=1>Common Shares(5)</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="19%" ALIGN="CENTER"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="17%" ALIGN="CENTER"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="17%" ALIGN="CENTER"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="17%" ALIGN="CENTER"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=9><HR NOSHADE></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="21%"><FONT SIZE=1>First Preferred Shares</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="19%" ALIGN="CENTER"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="17%" ALIGN="CENTER"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="17%" ALIGN="CENTER"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="17%" ALIGN="CENTER"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=9><HR NOSHADE></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="21%"><FONT SIZE=1>Second Preferred Shares</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="19%" ALIGN="CENTER"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="17%" ALIGN="CENTER"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="17%" ALIGN="CENTER"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="17%" ALIGN="CENTER"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=9><HR NOSHADE></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="21%"><FONT SIZE=1>Subscription Receipts</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="19%" ALIGN="CENTER"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="17%" ALIGN="CENTER"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="17%" ALIGN="CENTER"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="17%" ALIGN="CENTER"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=9><HR NOSHADE></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="21%"><FONT SIZE=1>Total</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="19%" ALIGN="CENTER"><FONT SIZE=1>U.S.$2,552,756,978</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="17%" ALIGN="CENTER"><FONT SIZE=1>100%</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="17%" ALIGN="CENTER"><FONT SIZE=1>U.S.$2,552,756,978</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="17%" ALIGN="CENTER"><FONT SIZE=1>U.S.$273,145</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=9><HR NOSHADE></TD>
</TR>
</TABLE>
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<DL compact>
<DT style='margin-bottom:-9pt;'><FONT SIZE=1>(1)</FONT></DT><DD><FONT SIZE=1>In
U.S.&nbsp;dollars or the equivalent thereof in foreign denominated currencies or currency&nbsp;units. </FONT></DD><DT style='margin-bottom:-9pt;'><FONT SIZE=1>(2)</FONT></DT><DD><FONT SIZE=1>Estimated
solely for purposes of calculating the registration fee. There are being registered under this Registration Statement such indeterminate number of common shares of the
Registrant, such indeterminate number of first preferred shares of the Registrant, such indeterminate number of second preferred shares of the Registrant and such indeterminate number of subscription
receipts of the Registrant as shall have an aggregate initial offering price not to exceed U.S.$2,552,756,978. The securities registered hereunder may be sold separately or as units with other
securities registered hereunder. </FONT></DD><DT style='margin-bottom:-9pt;'><FONT SIZE=1>(3)</FONT></DT><DD><FONT SIZE=1>Based
upon a proposed maximum offering price of Cdn$3,000,000,000 at an exchange rate of Cdn$1.1752 per U.S.$1.00, the noon buying rate in New&nbsp;York City on January&nbsp;18,
2007 for cable transfers in Canadian dollars as certified for customs purposes by the Federal Reserve Bank of New&nbsp;York. </FONT></DD><DT style='margin-bottom:-9pt;'><FONT SIZE=1>(4)</FONT></DT><DD><FONT SIZE=1>Previously
paid. </FONT></DD><DT style='margin-bottom:-9pt;'><FONT SIZE=1>(5)</FONT></DT><DD><FONT SIZE=1>Includes
associated common share purchase rights. The value, if any, attributable to the rights is reflected in the market price of the common&nbsp;shares. </FONT></DD></DL>

<P><FONT SIZE=1><B>The Registrant hereby amends this Registration Statement on such date or dates as may be necessary to delay its effective date until the Registration Statement shall become
effective as provided in Rule&nbsp;467 under the Securities Act of 1933, as amended, or on such date as the Commission, acting pursuant to Section&nbsp;8(a) of the Act,
may&nbsp;determine.</B></FONT></P>

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<P><FONT SIZE=1><hr
noshade width=100% align=left size=1>
<hr noshade width=100% align=left size=4> </FONT></P>

<HR NOSHADE>
<P style='page-break-before:always'></p>
<!-- ZEQ.=1,SEQ=1,EFW="2175840",CP="TRANSCANADA CORPORATION",DN="1",CHK=197162,FOLIO='blank',FILE='DISK121:[07CLG8.07CLG1038]BC1038A.;31',USER='SMAH',CD=';1-FEB-2007;22:46' -->
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<!-- TOC_END -->
<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="ha1038_part_i_information_required_to__par02825"> </A>
<A NAME="toc_ha1038_1"> </A>
<BR></FONT><FONT SIZE=2><B>PART I<BR>  <BR>    INFORMATION REQUIRED TO BE<BR>  DELIVERED TO OFFEREES OR PURCHASERS    <BR>    </B></FONT></P>

<HR NOSHADE>
<P style='page-break-before:always'></p>
<!-- ZEQ.=1,SEQ=2,EFW="2175840",CP="TRANSCANADA CORPORATION",DN="1",CHK=1044717,FOLIO='blank',FILE='DISK121:[07CLG8.07CLG1038]HA1038A.;3',USER='SMAH',CD=';1-FEB-2007;22:46' -->
<!-- THIS IS THE END OF A COMPOSITION COMPONENT -->

<P><FONT COLOR="#FF4040" SIZE=2><B>Information contained herein is subject to completion or amendment. A registration statement relating to these securities has been filed with the
Securities and Exchange Commission. These securities may not be sold nor may offers to buy be accepted prior to the time the registration statement becomes effective. This prospectus shall not
constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior
to registration or qualification under the securities laws of any such jurisdiction.</B></FONT></P>

<P ALIGN="CENTER"><FONT COLOR="#FF4040" SIZE=2><B>Subject to Completion, dated January&nbsp;31, 2007</B></FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2><B>
<IMG SRC="g688292.jpg" ALT="LOGO" WIDTH="336" HEIGHT="75">
  </B></FONT></P>

<P ALIGN="CENTER"><FONT SIZE=5><B>TRANSCANADA CORPORATION  </B></FONT></P>

<P ALIGN="CENTER"><FONT SIZE=4><B>$3,000,000,000  </B></FONT></P>

<P ALIGN="CENTER"><FONT SIZE=4><B>Common Shares<BR>
First Preferred Shares<BR>
Second Preferred Shares<BR>
Subscription Receipts  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TransCanada Corporation ("TCC" or the "Corporation") may from time to time offer common shares ("Common Shares"), first preferred shares ("First
Preferred Shares"), second preferred shares ("Second Preferred Shares") and subscription receipts ("Subscription Receipts") (collectively, Common Shares, First Preferred Shares, Second Preferred
Shares and Subscription Receipts are referred to herein as the "Securities") having an aggregate offering price of up to $3,000,000,000 (or&nbsp;the equivalent in US dollars or
other currencies) during the 25&nbsp;month period that this short form base shelf prospectus, including any amendments hereto, remains valid (the&nbsp;"Offering"). </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
specific terms of any offering of Securities will be set forth in a shelf prospectus supplement (a&nbsp;"Prospectus Supplement") including, where applicable: (i)&nbsp;in the case
of Common Shares, the number of shares offered and the offering price; (ii)&nbsp;in the case of First Preferred Shares and Second Preferred Shares, the designation of the particular series, the
number of shares offered, the offering price, any voting rights, any rights to receive dividends, any terms of redemption, any conversion or exchange rights and any other specific terms; and
(iii)&nbsp;in the case of Subscription Receipts, the offering price, the procedures for the exchange of the Subscription Receipts for Common Shares, First Preferred Shares or Second Preferred
Shares, as the case may be, and any other specific terms. A Prospectus Supplement may include other terms pertaining to the Securities that are not prohibited by the parameters set forth in this
prospectus. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All
shelf information permitted under applicable laws to be omitted from this prospectus will be contained in one or more Prospectus Supplements that will be delivered to purchasers
together with this prospectus. Each Prospectus Supplement will be incorporated by reference into this prospectus for the purposes of securities legislation as of the date of the Prospectus Supplement
and only for the purposes of the distribution of the Securities to which the Prospectus Supplement pertains. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
issued and outstanding Common Shares are listed on the Toronto Stock Exchange and the New&nbsp;York Stock Exchange under the symbol "TRP". </FONT><FONT SIZE=2><B>There is no
market through which the First Preferred Shares, Second Preferred Shares or Subscription Receipts may be sold and purchasers may not be able to resell any First Preferred Shares, Second Preferred
Shares or Subscription Receipts purchased under this prospectus. This may affect the pricing of these securities in the secondary market, the transparency and availability of trading prices, the
liquidity of the securities, and the extent of issuer regulation. See the "Risk Factors" section of the applicable Prospectus Supplement.</B></FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Corporation may sell the Securities to or through underwriters purchasing as principals and may also sell the Securities to one or more purchasers directly or through agents. See
"Plan of Distribution". The Prospectus Supplement relating to a particular offering of Securities will identify each underwriter or agent, as the case may be, engaged by TCC in connection with the
offering and sale of Securities, and will set forth the terms of the offering of such Securities, including the method of distribution of such Securities, the proceeds to TCC, any fees, discounts or
other compensation payable to underwriters or agents, and any other material terms of the plan of distribution. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><B>This Offering is made by a Canadian issuer that is permitted, under a multi-jurisdictional disclosure system adopted by the United&nbsp;States, to prepare this
prospectus in accordance with Canadian disclosure requirements. Prospective investors should be aware that such requirements are different from those of the United&nbsp;States. Financial statements
included or incorporated herein by reference have been prepared in  </B></FONT></P>

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<BR>

<P><FONT SIZE=2><B> accordance with Canadian generally accepted accounting principles, and may be subject to Canadian auditing and auditor independence standards, and thus may not be comparable to financial statements of
United&nbsp;States companies. Information regarding the impact upon the Corporation's financial statements of significant differences between Canadian and US generally accepted accounting principles
is contained in the Corporation's audited related supplemental note entitled "Reconciliation to United&nbsp;States GAAP" as at December&nbsp;31, 2005 and 2004 and for each of the years in the
three year period ended December&nbsp;31, 2005 and the unaudited related supplemental note entitled "Reconciliation to United&nbsp;States GAAP" as at September&nbsp;30, 2006 and
December&nbsp;31, 2005 and for the three and nine month periods ended September&nbsp;30, 2006 and&nbsp;2005.</B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><B>Prospective investors should be aware that the acquisition of the Securities described herein may have tax consequences both in the United&nbsp;States and in
Canada. Such consequences for investors who are resident in, or citizens of, the United&nbsp;States may not be described fully herein or in any applicable Prospectus
Supplement.</B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><B>The enforcement by investors of civil liabilities under US federal securities laws may be affected adversely by the fact that the Corporation is incorporated and
organized under the laws of Canada, that some or all of its officers and directors are residents of Canada, that some or all of the experts named in the registration statement are residents of Canada
and that all or a substantial portion of the assets of the Corporation and said persons are located outside the United&nbsp;States.</B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><B>These Securities have not been approved or disapproved by the Securities and Exchange Commission (the&nbsp;"SEC") or any state securities commission nor has the
SEC or any state securities commission passed upon the accuracy or adequacy of this prospectus. Any representation to the contrary is a criminal offense.</B></FONT></P>

<P><FONT SIZE=2>The
date of this prospectus is&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, 2007. </FONT></P>

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<P ALIGN="CENTER"><FONT SIZE=2><I> <A NAME="bg1040_table_of_contents"> </A>
<A NAME="toc_bg1040_1"> </A>
<BR>    </I></FONT><FONT SIZE=2><B>Table of Contents    <BR>    </B></FONT></P>

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<TR VALIGN="BOTTOM">
<TH WIDTH="92%" ALIGN="LEFT"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="5%" ALIGN="CENTER"><FONT SIZE=1><B>Page</B></FONT><HR NOSHADE></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="92%"><FONT SIZE=2> Forward-Looking Information</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="5%" ALIGN="RIGHT"><FONT SIZE=2>3</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="92%"><FONT SIZE=2> Where to Find More Information</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="5%" ALIGN="RIGHT"><FONT SIZE=2>4</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="92%"><FONT SIZE=2> Enforceability of Civil Liabilities</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="5%" ALIGN="RIGHT"><FONT SIZE=2>4</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="92%"><FONT SIZE=2> Documents Incorporated by Reference</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="5%" ALIGN="RIGHT"><FONT SIZE=2>5</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="92%"><FONT SIZE=2> About This Prospectus</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="5%" ALIGN="RIGHT"><FONT SIZE=2>6</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="92%"><FONT SIZE=2> TransCanada Corporation</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="5%" ALIGN="RIGHT"><FONT SIZE=2>7</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="92%"><FONT SIZE=2> Recent Developments</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="5%" ALIGN="RIGHT"><FONT SIZE=2>7</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="92%"><FONT SIZE=2> Consolidated Capitalization</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="5%" ALIGN="RIGHT"><FONT SIZE=2>8</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="92%"><FONT SIZE=2> Use of Proceeds</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="5%" ALIGN="RIGHT"><FONT SIZE=2>8</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="92%"><FONT SIZE=2> Description of the Securities Being Distributed</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="5%" ALIGN="RIGHT"><FONT SIZE=2>8</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="92%"><FONT SIZE=2> Certain Income Tax Considerations</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="5%" ALIGN="RIGHT"><FONT SIZE=2>10</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="92%"><FONT SIZE=2> Plan of Distribution</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="5%" ALIGN="RIGHT"><FONT SIZE=2>10</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="92%"><FONT SIZE=2> Risk Factors</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="5%" ALIGN="RIGHT"><FONT SIZE=2>10</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="92%"><FONT SIZE=2> Legal Matters</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="5%" ALIGN="RIGHT"><FONT SIZE=2>11</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="92%"><FONT SIZE=2> Auditors, Transfer Agent and Registrar</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="5%" ALIGN="RIGHT"><FONT SIZE=2>11</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="92%"><FONT SIZE=2> Interest of Experts</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="5%" ALIGN="RIGHT"><FONT SIZE=2>11</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="92%"><FONT SIZE=2> Experts</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="5%" ALIGN="RIGHT"><FONT SIZE=2>11</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="92%"><FONT SIZE=2> Documents Filed as Part of the Registration Statement</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="5%" ALIGN="RIGHT"><FONT SIZE=2>11</FONT></TD>
</TR>
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<BR></FONT><FONT SIZE=2><B>Forward-Looking Information    <BR>    </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This prospectus (and&nbsp;any Prospectus Supplement) and the documents incorporated by reference in this prospectus include "forward-looking statements" within
the meaning of securities laws, including the "safe harbour" provisions of the </FONT><FONT SIZE=2><I>Securities Act</I></FONT><FONT SIZE=2> (Ontario), the </FONT><FONT SIZE=2><I>Securities
Act</I></FONT><FONT SIZE=2> (Alberta), the United&nbsp;States Private Securities Litigation Reform Act of 1995, Section&nbsp;21E of the United&nbsp;States Securities Exchange Act of 1934, as
amended (the&nbsp;"Exchange Act"), and Section&nbsp;27A of the United&nbsp;States Securities Act of 1933, as amended. All forward-looking statements are based on the Corporation's current
beliefs as well as assumptions made by and information currently available to the Corporation and relate to, among other things, anticipated financial performance, business prospects, strategies,
regulatory developments, new services, market forces, commitments and technological developments. Forward-looking statements may be identified by the use of words like "believes", "intends",
"expects", "may", "will", "should", or "anticipates", or the negative equivalents of those words or comparable terminology, and by discussions of strategies that involve risks and uncertainties. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
risks and uncertainties of the Corporation's business, including those discussed and incorporated by reference in this prospectus and the Annual Information Form (as&nbsp;defined
herein) as described under "Risk Factors", could cause TCC's actual results and experience to differ materially from the anticipated results or other expectations expressed. The material assumptions
in making these forward-looking statements are disclosed in the MD&amp;A (as&nbsp;hereinafter defined, as may be modified or superseded by documents incorporated or deemed to be incorporated by
reference herein) under the headings "Overview and Strategic Priorities", "Gas Transmission&nbsp;&#151;&nbsp;Opportunities and Developments", "Gas
Transmission&nbsp;&#151;&nbsp;Outlook", "Power&nbsp;&#151;&nbsp;Opportunities and Developments" and
"Power&nbsp;&#151;&nbsp;Outlook". (For&nbsp;periods subsequent to June&nbsp;1, 2006, the headings in the preceding sentence are "Overview and Strategic Priorities",
"Pipelines&nbsp;&#151;&nbsp;Opportunities and Developments", "Pipelines&nbsp;&#151;&nbsp;Outlook",
"Energy&nbsp;&#151;&nbsp;Opportunities and Developments" and "Energy&nbsp;&#151;&nbsp;Outlook".) In addition, the Corporation bases forward-looking
statements on assumptions about future events, which may not prove to be accurate. In light of these risks, uncertainties and assumptions, prospective investors should not place undue reliance on
forward-looking statements and should be aware that events described in the forward-looking statements set out in this </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>3</FONT></P>

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<BR>

<P><FONT SIZE=2>prospectus
(and&nbsp;any Prospectus Supplement) and the documents incorporated by reference in this prospectus may not&nbsp;occur. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Corporation cannot assure prospective investors that its future results, levels of activity and achievements will occur as the Corporation expects, and neither the Corporation nor
any other person assumes responsibility for the accuracy and completeness of the forward-looking statements. Except as required by law, the Corporation assumes no obligation to update or revise any
forward-looking statement, whether as a result of new information, future events or&nbsp;otherwise. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="bg1040_where_to_find_more_information"> </A>
<A NAME="toc_bg1040_3"> </A>
<BR></FONT><FONT SIZE=2><B>Where to Find More Information    <BR>    </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Corporation has filed with the SEC a registration statement on Form&nbsp;F-10 relating to the Securities. This prospectus, which constitutes a
part of the registration statement, does not contain all of the information contained in the registration statement, certain items of which are contained in the exhibits to the registration statement
as permitted by the rules and regulations of the SEC. Statements included or incorporated by reference in this prospectus about the contents of any contract, agreement or other documents referred to
are not necessarily complete, and in each instance, prospective investors should refer to the exhibits for a complete description of the matter involved. Each such statement is qualified in its
entirety by such reference. Each time the Corporation sells Securities under the registration statement, it will provide a Prospectus Supplement that will contain specific information about the terms
of that offering. The Prospectus Supplement may also add, update or change information contained in this prospectus. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Corporation files annual and quarterly financial information and material change reports and other material with the securities commissions or similar regulatory authority in each of
the provinces and territories of Canada and with the SEC. Under the multi-jurisdictional disclosure system adopted by the United&nbsp;States, documents and other information that the Corporation
files with the SEC may be prepared in accordance with the disclosure requirements of Canada, which are different from those of
the United&nbsp;States. Prospective investors may read and download any public document that TCC has filed with the securities commissions or similar authorities in each of the provinces and
territories of Canada on the System for Electronic Document Analysis and Retrieval ("SEDAR") at www.sedar.com. Prospective investors may read and copy any document TCC has filed with the SEC at the
SEC's public reference room in Washington&nbsp;D.C. and may also obtain copies of those documents from the public reference room of the SEC at 100&nbsp;F Street, N.E., Washington,&nbsp;D.C.
20549&nbsp;by paying a fee. Additionally, prospective investors may read and download some of the documents the Corporation has filed with the SEC's Electronic Data Gathering and Retrieval ("EDGAR")
system at www.sec.gov. Reports and other information about the Corporation may also be inspected at the offices of the New&nbsp;York Stock Exchange, 20&nbsp;Broad Street, New&nbsp;York,
New&nbsp;York&nbsp;10005. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="bg1040_enforceability_of_civil_liabilities"> </A>
<A NAME="toc_bg1040_4"> </A>
<BR></FONT><FONT SIZE=2><B>Enforceability of Civil Liabilities    <BR>    </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Corporation is a corporation incorporated under and governed by the </FONT><FONT SIZE=2><I>Canada Business Corporations Act.</I></FONT><FONT SIZE=2> Some of
the directors and officers of the Corporation, and some of the experts named in this prospectus, are residents of Canada or otherwise reside outside the United&nbsp;States, and all or a substantial
portion of their assets, and a substantial portion of the Corporation's assets, are located outside the United&nbsp;States. TCC has appointed an agent for service of process in the
United&nbsp;States, but it may be difficult for holders of Securities who reside in the United&nbsp;States to effect service within the United&nbsp;States upon those directors, officers and
experts who are not residents of the United&nbsp;States. It may also be difficult for holders of Securities who reside in the United&nbsp;States to realize in the United&nbsp;States upon
judgments of courts of the United&nbsp;States predicated upon the Corporation's civil liability and the civil liability of the directors and officers of the Corporation and experts under the
United&nbsp;States federal securities laws. TCC has been advised by its Canadian counsel, Stikeman Elliott&nbsp;LLP, that a judgment of a United&nbsp;States court predicated solely upon civil
liability under United&nbsp;States federal securities laws would probably be enforceable in Canada if the United&nbsp;States court in which the judgment was obtained has a basis for jurisdiction
in the matter that would be recognized by a Canadian court for the same purposes. TCC has also been advised by Stikeman Elliott&nbsp;LLP, however, that there is substantial doubt whether an action
could be brought in Canada in the first instance on the basis of liability predicated solely upon United&nbsp;States federal securities&nbsp;laws. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>4</FONT></P>

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<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Corporation filed with the SEC, concurrently with its registration statement on Form&nbsp;F-10, an appointment of agent for service of process on
Form&nbsp;F-X. Under the Form&nbsp;F-X, the Corporation appointed TransCanada Power Marketing Ltd. as its agent for service of process in the United&nbsp;States in
connection with any investigation or administrative proceeding conducted by the SEC, and any civil suit or action brought against or involving the Corporation in a United&nbsp;States court arising
out of or related to or concerning the offering of securities under this prospectus. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="bg1040_documents_incorporated_by_reference"> </A>
<A NAME="toc_bg1040_5"> </A>
<BR></FONT><FONT SIZE=2><B>Documents Incorporated by Reference    <BR>    </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Information has been incorporated by reference in this prospectus from documents filed with the securities commissions or similar authorities in Canada and with
the SEC in the United&nbsp;States. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
following documents of the Corporation filed with the securities commissions or similar authorities in each of the provinces and territories of Canada and the SEC are incorporated by
reference in this prospectus: </FONT></P>

<UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>(a)</FONT></DT><DD><FONT SIZE=2>Audited
comparative consolidated financial statements as at December&nbsp;31, 2005 and 2004 and for each of the years in the three year period ended December&nbsp;31, 2005, the
notes thereto, and the auditors' report thereon, and management's discussion and analysis of financial condition and results of operations as at and for the year ended December&nbsp;31, 2005
(the&nbsp;"MD&amp;A");
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(b)</FONT></DT><DD><FONT SIZE=2>Audited
related supplemental note entitled "Reconciliation to United States GAAP" as at December&nbsp;31, 2005 and 2004 and for each of the years in the three year period ended
December&nbsp;31, 2005, the notes thereto, and the auditors' report thereon;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(c)</FONT></DT><DD><FONT SIZE=2>Comments
by Auditors for U.S. Readers on Canada-U.S. Reporting Difference, dated February&nbsp;27,&nbsp;2006;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(d)</FONT></DT><DD><FONT SIZE=2>Annual
Information Form for the year ended December&nbsp;31, 2005 dated February&nbsp;27, 2006 (the&nbsp;"Annual Information Form");
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(e)</FONT></DT><DD><FONT SIZE=2>Management
Proxy Circular dated February&nbsp;28, 2006 for the 2006 annual meeting of shareholders held April&nbsp;28,&nbsp;2006;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(f)</FONT></DT><DD><FONT SIZE=2>Unaudited
interim comparative consolidated financial statements as at September&nbsp;30, 2006 and December&nbsp;31, 2005 and for the three and nine month periods ended
September&nbsp;30, 2006 and 2005, the notes thereto, and management's discussion and analysis of financial condition and results of operations as at and for the nine month period ended
September&nbsp;30,&nbsp;2006;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(g)</FONT></DT><DD><FONT SIZE=2>Unaudited
related supplemental note entitled "Reconciliation to United States GAAP" as at September&nbsp;30, 2006 and December&nbsp;31, 2005 and for the three and nine month
periods ended September&nbsp;30, 2006 and 2005;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(h)</FONT></DT><DD><FONT SIZE=2>Material
change report dated June&nbsp;1, 2006 relating to changes in executive leadership of TCC;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(i)</FONT></DT><DD><FONT SIZE=2>Material
change report dated January&nbsp;2, 2007 relating to TCC's pending acquisition of American Natural Resources Company and ANR Storage Company (collectively "ANR") and an
additional 3.55% interest in Great Lakes Gas Transmission Limited Partnership ("Great Lakes") from El Paso Corporation ("El&nbsp;Paso");&nbsp;and
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(j)</FONT></DT><DD><FONT SIZE=2>Press
release dated January&nbsp;30, 2007, relating to the Corporation's results of operations for the three months and year ended December&nbsp;31,&nbsp;2006. </FONT></DD></DL>
</UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any
documents of the type referred to above (excluding confidential material change reports and press releases that do not contain financial information about the Corporation for
financial periods more recent than the most recent annual or interim financial statements filed with the securities regulatory authorities in Canada) and any business acquisition reports subsequently
filed by the Corporation with securities regulatory authorities in Canada after the date of this prospectus and prior to the termination of the Offering shall be deemed to be incorporated by reference
into this prospectus. These documents are available through the internet on SEDAR, which can be accessed at www.sedar.com. In addition, any similar documents filed by the Corporation with the SEC in
the Corporation's periodic report on Form&nbsp;6-K or&nbsp;annual report on Form&nbsp;40-F, and any other documents filed with or furnished to the SEC pursuant to
Section&nbsp;13(a), 13(c) or&nbsp;15(d) of the Exchange Act, in each case after the date of this prospectus, shall be deemed to be incorporated by reference into this prospectus and the
registration statement of which this prospectus </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>5</FONT></P>

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<P><FONT SIZE=2>forms&nbsp;a
part, if and to the extent expressly provided in such reports. The Corporation's periodic reports on Form&nbsp;6-K and&nbsp;its annual reports on
Form&nbsp;40-F are available on the SEC's web site at&nbsp;www.sec.gov. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><B>Any statement contained in this prospectus or in a document incorporated, or deemed to be incorporated, by reference herein shall be deemed to be modified or
superseded for the purposes of this prospectus to the extent that a statement contained in this prospectus or in any subsequently filed document that also is, or is deemed to be, incorporated by
reference herein modifies or supersedes such statement. The modifying or superseding statement need not state that it has modified or superseded a prior statement or include any other information set
forth in the document that it modifies or supersedes. Any statement so modified or superseded shall not constitute a part of this prospectus, except as so modified
or&nbsp;superseded.</B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><B>Upon a new annual information form and the related annual audited financial statements being filed by the Corporation with and, where required, accepted by the
applicable securities regulatory authorities during the term of this prospectus, the previous annual information form, the previous annual audited financial statements and accompanying management's
discussion and analysis, all interim financial statements and accompanying management's discussion and analysis, all material change reports and all business acquisition reports filed by the
Corporation prior to the commencement of the financial year of the Corporation in which the new annual information form is filed shall be deemed no longer to be incorporated by reference into this
prospectus for purposes of future offers and sales of Securities hereunder. Upon interim financial statements and the accompanying management's discussion and analysis being filed by the Corporation
with the applicable securities regulatory authorities during the term of this prospectus, all interim financial statements and accompanying management's discussion and analysis filed prior to the new
interim consolidated financial statements shall be deemed no longer to be incorporated into this prospectus for purposes of future offers and sales of Securities hereunder.</B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Corporation will provide without charge to each person to whom this prospectus is delivered, including any beneficial owner, upon written or oral request of such person, a copy of
any or all of the documents incorporated herein by reference (other than exhibits to such documents, unless such exhibits are specifically incorporated by reference in such documents). Requests should
be directed to TransCanada Corporation, 450&nbsp;-&nbsp;1st&nbsp;Street S.W., Calgary, Alberta, Canada, T2P&nbsp;5H1, Attention: Corporate Secretary, telephone number
(403)&nbsp;920-2000. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><B>Prospective investors should rely only on the information contained in or incorporated by reference in this prospectus or any applicable Prospectus Supplement and
on the other information included in the registration statement of which this prospectus forms&nbsp;a part. The Corporation has not authorized anyone to provide prospective investors with different
or additional information. The Corporation is not making an offer of these Securities in any jurisdiction where the offer is not permitted by law. Prospective investors should not assume that the
information contained in or incorporated by reference in this prospectus or any applicable Prospectus Supplement is accurate as of any date other than the date on the front of the applicable
Prospectus Supplement.</B></FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="bg1040_about_this_prospectus"> </A>
<A NAME="toc_bg1040_6"> </A>
<BR></FONT><FONT SIZE=2><B>About This Prospectus    <BR>    </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In this prospectus and in any Prospectus Supplement, unless otherwise specified or the context otherwise requires, all dollar amounts are expressed in Canadian
dollars. References to "dollars" or "$" are to lawful currency of Canada, and references to "US dollars" or "US$" are to lawful currency of the United&nbsp;States. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unless
otherwise indicated, all financial information included and incorporated by reference in this prospectus or included in any Prospectus Supplement is determined using Canadian
generally accepted accounting principles which are in effect from time to time in Canada, referred to as "Canadian GAAP". "US GAAP" means generally accepted accounting principles which are in effect
from time to time in the United&nbsp;States. For a discussion of the principal differences between the Corporation's financial results as calculated under Canadian GAAP and US GAAP, prospective
investors should refer to the Corporation's audited related supplemental note entitled "Reconciliation to
United&nbsp;States GAAP" as at December&nbsp;31, 2005 and 2004 and for each of the years in the three year period ended December&nbsp;31, 2005 and the unaudited related supplemental note
entitled "Reconciliation to United&nbsp;States GAAP" as at September&nbsp;30, 2006 and December&nbsp;31, 2005 and for the three and nine month periods ended September&nbsp;30,&nbsp;2006
and&nbsp;2005. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>6</FONT></P>

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<P><FONT SIZE=2>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A Prospectus Supplement containing the specific terms of an offering of Securities will be delivered to purchasers of such Securities together with this prospectus and will be deemed to
be incorporated by reference into this prospectus as of the date of such Prospectus Supplement solely for the purposes of the offering of the Securities offered thereunder. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="da1040_transcanada_corporation"> </A>
<A NAME="toc_da1040_1"> </A>
<BR></FONT><FONT SIZE=2><B>TransCanada Corporation    <BR>    </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TCC was incorporated pursuant to the provisions of the </FONT><FONT SIZE=2><I>Canada Business Corporations Act</I></FONT><FONT SIZE=2> on February&nbsp;25,
2003 in connection with a plan of arrangement which established TCC as the parent company of TransCanada PipeLines Limited ("TCPL"). The arrangement was approved by TCPL common
shareholders on April&nbsp;25, 2003 and, following court approval and the filing of Articles of Arrangement, the arrangement became effective May&nbsp;15, 2003. Pursuant to the arrangement, the
common shareholders of TCPL exchanged each of their TCPL common shares for one Common Share of TCC. The debt securities and preferred shares of TCPL remained obligations and securities of TCPL. TCPL
continues to hold the assets it held prior to the arrangement and continues to carry on business as the principal operating subsidiary of the TCC group of entities. TCC does not hold any material
assets directly other than the common shares of TCPL and notes receivable from certain of TCC's subsidiaries. TCC's head and registered office is located at
450&nbsp;-&nbsp;1st&nbsp;Street S.W., Calgary Alberta, Canada, T2P&nbsp;5H1. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TCC,
through TCPL, operates primarily in two business segments: Pipelines and Energy. The Pipelines segment of TCC's business is principally comprised of TCPL's pipelines
in Canada, the United&nbsp;States, Mexico and South America. The Energy segment of TCC's business includes TCPL's power operations in Canada and the United&nbsp;States, natural gas
storage business in Canada and liquefied natural gas projects in Canada and the United&nbsp;States. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="da1040_recent_developments"> </A>
<A NAME="toc_da1040_2"> </A>
<BR></FONT><FONT SIZE=2><B>Recent Developments    <BR>    </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On December&nbsp;22, 2006, the Corporation announced plans to acquire, through an indirect subsidiary of the Corporation, ANR and an additional 3.55% interest
in Great Lakes from El Paso. The total purchase price is US$3.4&nbsp;billion, subject to certain closing adjustments, and includes US$457&nbsp;million of assumed debt. Pending regulatory
approvals, the acquisition is expected to close in the first quarter of&nbsp;2007. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ANR
operates one of the largest interstate natural gas pipeline systems in the United&nbsp;States, providing transportation, storage, and various capacity-related services to a variety
of customers in both the US and Canada. The system consists of 17,000&nbsp;kilometres (10,500&nbsp;miles) of pipeline with a peak-day capacity of 6.8&nbsp;billion cubic&nbsp;feet
per day ("Bcf/d"). It transports natural gas from producing fields in Louisiana, Oklahoma, Texas and the Gulf of Mexico to markets in Wisconsin, Michigan, Illinois, Ohio and Indiana. The ANR pipeline
system also connects with numerous other pipelines providing customers with access to diverse sources of supply from western Canada and the Rocky Mountain region and access to a variety of
end-user markets in midwestern and northeastern United&nbsp;States. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ANR
also owns and operates numerous underground natural gas storage facilities in Michigan with a total capacity of approximately 230&nbsp;billion cubic&nbsp;feet. As part of the
acquisition, TCC will also obtain certain gas supplies contained within production and storage reservoirs in&nbsp;Michigan. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Great
Lakes owns and operates a 3,400&nbsp;kilometre (2,115&nbsp;mile) interstate natural gas pipeline system with a design capacity of 2.5&nbsp;Bcf/d. Extending from the
Minnesota-Manitoba border at Emerson to the Michigan-Ontario border at St. Clair, Great Lakes provides a direct link between the Western Canadian Sedimentary Basin and major industrial and market
centres in Minnesota, Wisconsin, Michigan and eastern Canada. In addition to the acquisition of an additional 3.55% interest in Great&nbsp;Lakes, TCC will also become the operator of Great Lakes
through the sole ownership of the operating company previously jointly owned by affiliates of El Paso and&nbsp;TCC. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Concurrently
with TCC's acquisition of a 3.55% interest in Great Lakes, TC PipeLines,&nbsp;LP will acquire a 46.45% interest in Great Lakes from El Paso. An affiliate of TCC is the
general partner of, and a common unitholder holding a 13.4% interest in, TC PipeLines,&nbsp;LP. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>7</FONT></P>

<HR NOSHADE>
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<BR>
<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="da1040_consolidated_capitalization"> </A>
<A NAME="toc_da1040_3"> </A>
<BR></FONT><FONT SIZE=2><B>Consolidated Capitalization    <BR>    </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other than the issuance on October&nbsp;3, 2006 of $400&nbsp;million aggregate principal amount of 4.65% medium term notes of TCPL due October&nbsp;3, 2016;
an increase in available credit of approximately US$100&nbsp;million under the credit facilities of TC&nbsp;PipeLines,&nbsp;LP on December&nbsp;12, 2006; and the effect of changes in foreign
currency exchange rates on US&nbsp;dollar denominated loans, there have been no material changes in the share and loan capital of the Corporation, on a consolidated basis, since
September&nbsp;30,&nbsp;2006. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="da1040_use_of_proceeds"> </A>
<A NAME="toc_da1040_4"> </A>
<BR></FONT><FONT SIZE=2><B>Use of Proceeds    <BR>    </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unless otherwise indicated in a Prospectus Supplement relating to a particular offering of Securities, the Corporation intends to use the net proceeds from the
sale of Securities to repay indebtedness and/or to, directly or indirectly, finance future growth opportunities. Specific information about the use of net proceeds will be set forth in a Prospectus
Supplement. The Corporation may invest funds which the Corporation does not immediately use. Such investments may include short-term marketable investment grade securities. The Corporation
may, from time to time, issue securities (including debt securities) other than pursuant to this prospectus. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="da1040_description_of_the_securities_being_distributed"> </A>
<A NAME="toc_da1040_5"> </A>
<BR></FONT><FONT SIZE=2><B>Description of the Securities Being Distributed    <BR>    </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Corporation is authorized to issue an unlimited number of Common Shares, of which 489,110,929 were issued and outstanding as of January&nbsp;30, 2007, and
an unlimited number of First Preferred Shares and Second Preferred Shares issuable in series, of which none are outstanding as of January&nbsp;30, 2007. No Subscription Receipts were issued and
outstanding as of January&nbsp;30,&nbsp;2007. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
following description of each of the Common Shares, First Preferred Shares, Second Preferred Shares and Subscription Receipts is a summary of certain of their material attributes and
characteristics which does not purport to be complete. The terms and conditions set forth in this section will apply, as applicable, to each Common Share, First Preferred Share, Second Preferred Share
and Subscription Receipt unless otherwise specified. </FONT></P>


<P><FONT SIZE=2><B><I>Common Shares  </I></B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Common Shares entitle the holders thereof to one vote per share at all meetings of shareholders, except meetings at which only holders of another specified
class of shares are entitled to vote, and, subject to the rights, privileges, restrictions and conditions attaching to the First Preferred Shares and the Second Preferred Shares, whether as a class or
a series, and to any other class or series of shares of TCC which rank prior to the Common Shares, entitle the holders thereof to receive: (i)&nbsp;dividends if, as and when declared by the board of
directors of TCC out of the assets of TCC properly applicable to the payment of the dividends in such amount and payable at such times and at such place or places as the board of directors of TCC may
from time to time determine; and (ii)&nbsp;the remaining property of TCC upon a&nbsp;dissolution. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Corporation has a shareholders' rights plan (the&nbsp;"Rights Plan") that is designed to encourage the fair treatment of shareholders in connection with any takeover bid for the
Corporation. Rights issued under the Rights Plan become exercisable when a person (subject to certain exceptions), and any related parties, acquires or announces the intention to acquire 20% or more
of the Corporation's outstanding Common Shares without complying with certain provisions set out in the Rights Plan or without approval of the board of directors of the Corporation. Should such an
acquisition occur, each rights holder, other than the acquiring person and related parties, will have the right to purchase Common Shares essentially at a 50% discount to the market price at that
time. For further particulars, reference should be made to the Rights Plan, a copy of which may be obtained on request without charge from the Corporate Secretary of TCC,
450&nbsp;-&nbsp;1st&nbsp;Street S.W., Calgary, Alberta, Canada, T2P&nbsp;5H1 (telephone (403)&nbsp;920-2000). </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>8</FONT></P>

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<BR>

<P><FONT SIZE=2><B><I>First Preferred Shares  </I></B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subject to certain limitations, the board of directors of TCC may, from time to time, issue First Preferred Shares in one or more series and determine for any
such series, its designation, number of shares and respective rights, privileges, restrictions and conditions. The First Preferred Shares, as a class, have, among others, provisions to the effect set
forth&nbsp;below. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
First Preferred Shares of each series shall rank on a parity with the First Preferred Shares of every other series, and shall be entitled to preference over the Common Shares, the
Second Preferred Shares and any other shares ranking junior to the First Preferred Shares with respect to the payment of dividends, the repayment of capital and the distribution of assets of TCC in
the event of a liquidation, dissolution or winding up of&nbsp;TCC. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Except
as provided by the </FONT><FONT SIZE=2><I>Canada Business Corporations Act</I></FONT><FONT SIZE=2> or as referred to below, the holders of the First Preferred Shares will not
have any voting rights nor will they be entitled to receive notice of or to attend shareholders' meetings. The holders of any particular series of First Preferred Shares will, if the directors of TCC
so determine prior to the issuance of such series, be entitled to such voting rights as may be determined by the directors if TCC fails to pay dividends on that series of preferred shares for any
period as may be so determined by the&nbsp;directors. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
provisions attaching to the First Preferred Shares as a class may be modified, amended or varied only with the approval of the holders of the First Preferred Shares as a class. Any
such approval to be given by the holders of the First Preferred Shares may be given by the affirmative vote of the holders of not less than 66<SUP>2</SUP>/<SMALL>3</SMALL> per&nbsp;cent of the First Preferred
Shares represented and voted at a meeting or adjourned meeting of such&nbsp;holders. </FONT></P>


<P><FONT SIZE=2><B><I>Second Preferred Shares  </I></B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The rights, privileges, restrictions and conditions attaching to the Second Preferred Shares are substantially identical to those attaching to the First Preferred
Shares, except that the Second Preferred Shares are junior to the First Preferred Shares with respect to the payment of dividends, repayment of capital and the distribution of assets of TCC in the
event of a liquidation, dissolution or winding up of&nbsp;TCC. </FONT></P>

<P><FONT SIZE=2><B><I>Subscription Receipts  </I></B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Subscription Receipts may be offered separately or together with the Common Shares, First Preferred Shares or Second Preferred Shares, as the case may be. The
Subscription Receipts will be issued under a subscription receipt agreement that will be entered into at the time of issuance of the Subscription Receipts. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
applicable Prospectus Supplement will include details of the subscription receipt agreement covering the Subscription Receipts being offered. The specific terms of the Subscription
Receipts, and the extent to which the general terms described in this section apply to those Subscription Receipts, will be set forth in the applicable Prospectus Supplement. A copy of the
subscription receipt agreement will be filed by the Corporation with securities regulatory authorities in Canada after it has been entered into by the Corporation. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
particular terms of each issue of Subscription Receipts that will be described in the related Prospectus Supplement will include, where applicable: </FONT></P>

<UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>the
number of Subscription Receipts;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>the
price at which the Subscription Receipts will be offered;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>the
procedures for the exchange of the Subscription Receipts into Common Shares, First Preferred Shares or Second Preferred Shares, as the case may&nbsp;be;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>the
number of Common Shares, First Preferred Shares or Second Preferred Shares, as the case may be, that may be exchanged upon exercise of each Subscription Receipt; </FONT></DD></DL>
</UL>
<P ALIGN="CENTER"><FONT SIZE=2>9</FONT></P>

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<UL>
<UL>
</UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>the
designation and terms of any other Securities with which the Subscription Receipts will be offered, if any, and the number of Subscription Receipts that will be offered
with each&nbsp;Security;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>terms
relating to the holding and release or return of the gross proceeds from the sale of the Subscription Receipts plus any interest earned&nbsp;thereon;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>material
income tax consequences of owning the Subscription Receipts; and
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>any
other material terms and conditions of the Subscription Receipts. </FONT></DD></DL>
</UL>
<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="da1040_certain_income_tax_considerations"> </A>
<A NAME="toc_da1040_6"> </A>
<BR></FONT><FONT SIZE=2><B>Certain Income Tax Considerations    <BR>    </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The applicable Prospectus Supplement will describe certain material Canadian federal income tax consequences to an investor who is a resident of Canada or who is
a non-resident of Canada of the acquisition, ownership and disposition of any Securities offered thereunder, including whether the payment of dividends will be subject to Canadian
non-resident withholding&nbsp;tax. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
applicable Prospectus Supplement will also describe certain material United&nbsp;States federal income tax consequences of the acquisition, ownership and disposition of any
Securities offered thereunder by an initial investor who is a United&nbsp;States person (within the meaning of the United&nbsp;States Internal Revenue&nbsp;Code). </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="da1040_plan_of_distribution"> </A>
<A NAME="toc_da1040_7"> </A>
<BR></FONT><FONT SIZE=2><B>Plan of Distribution    <BR>    </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Corporation may sell the Securities: (i)&nbsp;through underwriters purchasing as principals; (ii)&nbsp;directly to one or more purchasers pursuant to
applicable statutory exemptions; or (iii)&nbsp;through agents. The distribution of the Securities may be effected from time to time in one or more transactions at a fixed price or&nbsp;prices. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Prospectus Supplement relating to each offering of Securities will identify each underwriter or agent, as the case may be, and will also set forth the terms of that offering,
including the type of Security being offered, the purchase price of such Security, the proceeds to the Corporation, any underwriter's or agent's fees, commissions or other items constituting
underwriter's or agent's compensation, any public offering price, and any concessions or discounts allowed or reallowed or paid by any underwriters to others. Only underwriters or agents so named in
the Prospectus Supplement are deemed to be underwriters or agents, as the case may be, in connection with the Securities offered thereby. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
connection with the sale of the Securities, underwriters may receive compensation from the Corporation in the form of commissions, concessions or discounts. Any such commissions may
be paid out of the general funds of the Corporation or the proceeds of the sale of the&nbsp;Securities. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under
agreements which may be entered into by the Corporation, underwriters and agents who participate in the distribution of Securities may be entitled to indemnification by the
Corporation against certain liabilities, including liabilities under securities legislation, or to contribution with respect to payments which such underwriters or agents may be required to make in
respect thereof. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Prospectus Supplement will set forth the intention of any underwriters or agents who participate in the distribution of the Securities to over-allot or effect
transactions which stabilize, maintain, or otherwise affect the Security's price at a higher level than that which might exist in the open market. Such transactions may be commenced, interrupted or
discontinued at any&nbsp;time. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="da1040_risk_factors"> </A>
<A NAME="toc_da1040_8"> </A>
<BR></FONT><FONT SIZE=2><B>Risk Factors    <BR>    </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prospective purchasers of Securities should consider carefully the risk factors contained in and incorporated by reference in this prospectus (including
subsequently filed documents incorporated by reference) and those described in a Prospectus Supplement relating to a specific offering of&nbsp;Securities. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Discussions
of certain risks affecting the Corporation in connection with its business are provided in the Corporation's annual disclosure documents filed with the various securities
regulatory authorities which are incorporated by reference in this prospectus. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>10</FONT></P>

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<A NAME="page_da1040_1_11"> </A>
<BR>
<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="da1040_legal_matters"> </A>
<A NAME="toc_da1040_9"> </A>
<BR></FONT><FONT SIZE=2><B>Legal Matters    <BR>    </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Certain matters relating to the issue and sale of the Securities will be passed upon on behalf of the Corporation by Stikeman Elliott&nbsp;LLP, as to matters of
Canadian law, and Mayer, Brown, Rowe&nbsp;&amp; Maw&nbsp;LLP, as to matters of United&nbsp;States law. As to matters of Canadian law, Mayer, Brown, Rowe&nbsp;&amp; Maw&nbsp;LLP will rely upon the
opinion of Stikeman Elliott&nbsp;LLP. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="da1040_auditors,_transfer_agent_and_registrar"> </A>
<A NAME="toc_da1040_10"> </A>
<BR></FONT><FONT SIZE=2><B>Auditors, Transfer Agent and Registrar    <BR>    </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The auditors of the Corporation are KPMG&nbsp;LLP, Chartered Accountants, Calgary, Alberta. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
transfer agent and registrar for the Common Shares is Computershare Trust Company of Canada at its principal offices in Toronto and&nbsp;Calgary. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="da1040_interest_of_experts"> </A>
<A NAME="toc_da1040_11"> </A>
<BR></FONT><FONT SIZE=2><B>Interest of Experts    <BR>    </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As at the date of this prospectus, the partners and associates of Stikeman Elliott&nbsp;LLP and Mayer, Brown, Rowe&nbsp;&amp; Maw&nbsp;LLP, as a group,
beneficially own, directly or indirectly, less than 1% of any class of securities of the Corporation. In connection with the audit of the Corporation's annual financial statements for the year ended
December&nbsp;31, 2005, KPMG&nbsp;LLP confirmed that they are independent within the meaning of the Rules of Professional Conduct of Alberta and the standards of the&nbsp;SEC. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="da1040_experts"> </A>
<A NAME="toc_da1040_12"> </A>
<BR></FONT><FONT SIZE=2><B>Experts    <BR>    </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The audited comparative consolidated financial statements of the Corporation as at December&nbsp;31, 2005 and 2004 and for each of the years in the three year
period ended December&nbsp;31, 2005 and the notes thereto and the audited related supplemental note entitled "Reconciliation to United&nbsp;States GAAP" as at December&nbsp;31, 2005 and 2004 and
for each of the years in the three year period ended December&nbsp;31, 2005 have been incorporated by reference herein and in the registration statement in reliance upon the report of
KPMG&nbsp;LLP, Chartered Accountants, incorporated by reference herein, and upon the authority of said firm as experts in accounting and&nbsp;auditing. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="da1040_documents_filed_as_part_of_the_registration_statement"> </A>
<A NAME="toc_da1040_13"> </A>
<BR></FONT><FONT SIZE=2><B>Documents Filed as Part of the Registration Statement    <BR>    </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following documents have been or will be filed with the SEC as part of the registration statement of which this prospectus forms&nbsp;a part: the documents
referred to under "Documents Incorporated by Reference"; consents of KPMG&nbsp;LLP; consent of Stikeman Elliott&nbsp;LLP; consent of Mayer, Brown, Rowe&nbsp;&amp; Maw&nbsp;LLP; and powers of
attorney from directors and officers of the Corporation. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>11</FONT></P>

<HR NOSHADE>
<P style='page-break-before:always'></p>
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NAME="page_hc1038_1_1"> </A> </FONT></P>

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<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="hc1038_part_ii_information_not_requir__par03037"> </A>
<A NAME="toc_hc1038_1"> </A>
<BR></FONT><FONT SIZE=2><B>PART II<BR>  <BR>    INFORMATION NOT REQUIRED TO BE<BR>  DELIVERED TO OFFEREES OR PURCHASERS    <BR>    </B></FONT></P>

<P><FONT SIZE=2><B>Indemnification of Certain Persons  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;124 of the Canada Business Corporation Act ("CBCA") and Section&nbsp;6 of By-Law No.&nbsp;1 of TransCanada Corporation
("TransCanada") provide for the indemnification of directors and officers of TransCanada. Under these provisions, TransCanada shall indemnify a director or officer of TransCanada, a former director or
officer, and may indemnify an individual who acts or acted at TransCanada's request as a director or officer or in a similar capacity of another entity (collectively, an "Indemnified Person") against
all costs, charges and expenses, including an amount paid to settle an action or satisfy a judgment, reasonably incurred by the Indemnified Person in respect of any civil, criminal, administrative,
investigative or other proceeding (other than in respect to an action by or on behalf of TransCanada to procure a judgment in its favor) in which the individual is involved because of that association
with TransCanada or other entity, if the Indemnified Person fulfills the following two conditions: (a)&nbsp;he or she acted honestly and in good faith with a view to the best interests of
TransCanada or in the best interests of such other entity as applicable and (b)&nbsp;in the case of a criminal or administrative action or proceeding that is enforced by a monetary penalty, he or
she had reasonable grounds for believing that his or her conduct was lawful. In respect of an action by or on behalf of TransCanada or such other entity to procure a judgment in its favor,
TransCanada, with the approval of a court, may indemnify an Indemnified Person against all costs, charges and expenses reasonably incurred by him or her in connection with such action if he or she
fulfills the conditions set out in clauses&nbsp;(a) and&nbsp;(b) of the previous sentence. Notwithstanding the foregoing, an Indemnified Person is entitled to indemnification from TransCanada in
respect of all costs, charges and expenses reasonably incurred by him or her in connection with the defense of any civil, criminal, administrative, investigative or other proceeding to which he or she
is made a party by reason of his or her association with TransCanada or such other entity if he or she fulfills the conditions in clauses&nbsp;(a) and&nbsp;(b) of this paragraph and was not judged
by the court or other competent authority to have committed any fault or omitted to do anything that the individual ought to have&nbsp;done. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Insofar
as indemnification for liabilities arising under the Securities Act of 1933 may be permitted to directors, officers or controlling persons of the Registrant pursuant to the
provisions described above,
or otherwise, the Registrant has been advised that in the opinion of the Securities and Exchange Commission such indemnification is against public policy as expressed in the Securities Act of 1933 and
is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by the Registrant of expenses incurred or paid by a director, officer or
controlling person of the Registrant in the successful defense of any action, suit or proceeding) is asserted by such director, officer or controlling person in connection with the securities being
registered, the Registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such
indemnification by it is against public policy as expressed in the Securities Act of 1933 and will be governed by the final adjudication of such&nbsp;issue. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TransCanada
maintains directors' and officers' liability insurance with policy limits of U.S.&nbsp;$175&nbsp;million in the aggregate, subject to a deductible in respect of corporate
reimbursement of U.S.$5,000,000 for each loss. Generally, under this insurance TransCanada is reimbursed for payments made under corporate indemnity provisions on behalf of its directors and officers,
and individual directors and officers (or&nbsp;their heirs and legal representatives) are reimbursed for losses arising during the performance of their duties for which they are not indemnified by
TransCanada. Major exclusions from coverage include claims arising from illegal acts, those acts which result in illegal personal profit, violation of any fiduciary duty under the United&nbsp;States
of America Employee Retirement Income </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>II-1</FONT></P>

<HR NOSHADE>
<P style='page-break-before:always'></p>
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<A NAME="page_hc1038_1_2"> </A>
<BR>

<P><FONT SIZE=2>Security
Act of 1974, pollution damage (except for resultant shareholder actions) and claims brought by a director or officer against TransCanada, or another director or officer or by TransCanada
against a director or officer except for shareholder derivative actions. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
foregoing is a description of the provisions of Section&nbsp;124 of the CBCA and TransCanada's By-Law No.&nbsp;1 regarding indemnification of directors and officers
of TransCanada and TransCanada's directors' and officers' liability insurance in effect as of January&nbsp;19,&nbsp;2007. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>II-2</FONT></P>

<HR NOSHADE>
<P style='page-break-before:always'></p>
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<A NAME="page_hc1038_1_3"> </A>
<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="hc1038_exhibits"> </A>
<A NAME="toc_hc1038_2"> </A>
<BR></FONT><FONT SIZE=2><B>EXHIBITS    <BR>    </B></FONT></P>

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<TABLE WIDTH="100%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR VALIGN="BOTTOM">
<TH WIDTH="10%" ALIGN="CENTER"><FONT SIZE=1><B>Exhibit<BR>
Number</B></FONT><HR NOSHADE></TH>
<TH WIDTH="3%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="88%" ALIGN="CENTER"><FONT SIZE=1><B>Description</B></FONT><HR NOSHADE></TH>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="10%" ALIGN="RIGHT"><FONT SIZE=2>4.1</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="88%"><FONT SIZE=2>Consolidated comparative audited financial statements of TransCanada as at December&nbsp;31, 2005 and 2004 and for each of the years in the three year period ended December&nbsp;31, 2005, the notes thereto and the
auditors' report thereon (included as part of the Form&nbsp;40-F filed with the Securities and Exchange Commission on March&nbsp;2, 2006 and incorporated by reference herein).</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="10%" ALIGN="RIGHT"><BR><FONT SIZE=2> 4.2</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="88%"><FONT SIZE=2><BR>
Management's Discussion and Analysis of Financial Condition and Results of Operations of TransCanada for the year ended December&nbsp;31, 2005 (included as part of the Form&nbsp;40-F filed with the Securities and Exchange Commission on March&nbsp;2,
2006 and incorporated by reference herein).</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="10%" ALIGN="RIGHT"><BR><FONT SIZE=2> 4.3</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="88%"><FONT SIZE=2><BR>
Audited related supplemental note entitled "Reconciliation to United States GAAP" as at December&nbsp;31, 2005 and 2004 and for each of the years in the three year period ended December&nbsp;31, 2005, the notes thereto and the auditors' report
thereon (included as part of the Form&nbsp;40-F filed with the Securities and Exchange Commission on March&nbsp;2, 2006 and incorporated by reference herein).</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="10%" ALIGN="RIGHT"><BR><FONT SIZE=2> 4.4</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="88%"><FONT SIZE=2><BR>
Comments by Auditors for U.S.&nbsp;Readers on Canada-U.S.&nbsp;Reporting Difference, dated February&nbsp;27, 2006 (included as part of the Form&nbsp;40-F filed with the Securities and Exchange Commission on March&nbsp;2, 2006 and incorporated by
reference herein).</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="10%" ALIGN="RIGHT"><BR><FONT SIZE=2> 4.5</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="88%"><FONT SIZE=2><BR>
Annual Information Form of TransCanada for the year ended December&nbsp;31, 2005, dated February&nbsp;27, 2006 (included as part of the Form&nbsp;40-F filed with the Securities and Exchange Commission on March&nbsp;2, 2006 and incorporated by
reference herein).</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="10%" ALIGN="RIGHT"><BR><FONT SIZE=2> 4.6</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="88%"><FONT SIZE=2><BR>
Management Proxy Circular dated February&nbsp;28, 2006 (filed with the Securities and Exchange Commission as part of a Form&nbsp;6-K report on March&nbsp;2, 2006 and incorporated by reference herein).</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="10%" ALIGN="RIGHT"><BR><FONT SIZE=2> 4.7</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="88%"><FONT SIZE=2><BR>
Consolidated comparative interim unaudited financial statements of TransCanada as at September&nbsp;30, 2006 and December&nbsp;31, 2005 and for the three and nine month periods ended September&nbsp;30, 2006 and 2005 (filed with the Securities and
Exchange Commission as part of a Form&nbsp;6-K report on October&nbsp;31, 2006 and incorporated by reference herein).</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="10%" ALIGN="RIGHT"><BR><FONT SIZE=2> 4.8</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="88%"><FONT SIZE=2><BR>
Management's Discussion and Analysis of Financial Condition and Results of Operations of TransCanada as at and for the nine month period ended September&nbsp;30, 2006 (filed with the Securities and Exchange Commission as part of a Form&nbsp;6-K
report on October&nbsp;31, 2006 and incorporated by reference herein).</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="10%" ALIGN="RIGHT"><BR><FONT SIZE=2> 4.9</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="88%"><FONT SIZE=2><BR>
Unaudited related supplemental note entitled "Reconciliation to United&nbsp;States GAAP" as at September&nbsp;30, 2006 and December&nbsp;31, 2005 and for the three and nine month periods ended September&nbsp;2006 and&nbsp;2005 (filed with the
Securities and Exchange Commission as part of a Form&nbsp;6-K report on October&nbsp;31, 2006 and incorporated by reference herein).</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="10%" ALIGN="RIGHT"><BR><FONT SIZE=2> *4.10</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="88%"><FONT SIZE=2><BR>
Material Change Report dated June&nbsp;1, 2006.</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="10%" ALIGN="RIGHT"><BR><FONT SIZE=2> 4.11</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="88%"><FONT SIZE=2><BR>
Material Change Report dated January&nbsp;2, 2007 (filed with the Securities and Exchange Commission as part of a Form&nbsp;6-K report on January&nbsp;3, 2007 and incorporated by reference herein).</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="10%" ALIGN="RIGHT"><BR><FONT SIZE=2> *4.12</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="88%"><FONT SIZE=2><BR>
Consent of KPMG filed with the Alberta Securities Commission.</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="10%" ALIGN="RIGHT"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="88%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
</TABLE>
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<BR>
<P ALIGN="CENTER"><FONT SIZE=2>II-3</FONT></P>

<HR NOSHADE>
<P style='page-break-before:always'></p>
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<A NAME="page_hc1038_1_4"> </A>
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<TABLE WIDTH="100%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR VALIGN="TOP">
<TD WIDTH="10%" ALIGN="RIGHT"><BR><FONT SIZE=2> 4.13</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="88%"><FONT SIZE=2><BR>
Press release dated January&nbsp;30, 2007, relating to the Corporation's results of operations for the three months and year ended December&nbsp;31, 2006 (filed with the Securities and Exchange Commission as part of a Form&nbsp;6-K report on
January&nbsp;30, 2007 and incorporated by reference herein).</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="10%" ALIGN="RIGHT"><BR><FONT SIZE=2> **5.1</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="88%"><FONT SIZE=2><BR>
Consent of KPMG.</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="10%" ALIGN="RIGHT"><BR><FONT SIZE=2> *5.2</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="88%"><FONT SIZE=2><BR>
Consent of Stikeman Elliott&nbsp;LLP.</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="10%" ALIGN="RIGHT"><BR><FONT SIZE=2> *5.3</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="88%"><FONT SIZE=2><BR>
Consent of Mayer, Brown, Rowe&nbsp;&amp; Maw&nbsp;LLP.</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="10%" ALIGN="RIGHT"><BR><FONT SIZE=2> *6.1</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="88%"><FONT SIZE=2><BR>
Power of attorney (pages&nbsp;III-2 to&nbsp;III-3 of the Registration Statement).</FONT></TD>
</TR>
</TABLE>
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<HR NOSHADE ALIGN="LEFT" WIDTH="60">
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>*</FONT></DT><DD><FONT SIZE=2>Previously
filed.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>**</FONT></DT><DD><FONT SIZE=2>Filed
herewith. </FONT></DD></DL>
<P ALIGN="CENTER"><FONT SIZE=2>II-4</FONT></P>

<HR NOSHADE>
<P style='page-break-before:always'></p>
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<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="page_he1038_1_1"> </A> </FONT></P>

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<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="he1038_part_iii_undertaking_an__he102262"> </A>
<A NAME="toc_he1038_1"> </A>
<BR></FONT><FONT SIZE=2><B>PART III<BR>  <BR>    UNDERTAKING AND CONSENT TO SERVICE OF PROCESS    <BR>    </B></FONT></P>

<P><FONT SIZE=2><B>Item&nbsp;1. Undertaking  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Registrant undertakes to make available, in person or by telephone, representatives to respond to inquiries made by the Commission staff, and to furnish
promptly, when requested to do so by the Commission staff, information relating to the securities registered pursuant to Form&nbsp;F-10 or&nbsp;to transactions in said securities. </FONT></P>


<P><FONT SIZE=2><B>Item&nbsp;2. Consent to Service of Process  </B></FONT></P>

<UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>(a)</FONT></DT><DD><FONT SIZE=2>Concurrently
with the original filing of this Registration Statement, the Registrant filed with the Commission a written irrevocable consent and power of attorney on
Form&nbsp;F-X.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(b)</FONT></DT><DD><FONT SIZE=2>Any
change to the name or address of the agent for service of the Registrant shall be communicated promptly to the Commission by amendment of Form&nbsp;F-X referencing
the file number of the relevant registration statement. </FONT></DD></DL>
</UL>
<P ALIGN="CENTER"><FONT SIZE=2>III-1</FONT></P>

<HR NOSHADE>
<P style='page-break-before:always'></p>
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<A NAME="page_he1038_1_2"> </A>
<UL>
<UL>
</UL>
</UL>
<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="he1038_signatures"> </A>
<A NAME="toc_he1038_2"> </A>
<BR></FONT><FONT SIZE=2><B>SIGNATURES    <BR>    </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the requirements of the Securities Act of 1933, the Registrant certifies that it has reasonable grounds to believe that it meets all of the
requirements for filing on Form&nbsp;F-10 and&nbsp;has duly caused this Amendment to the Registration Statement to be signed on its behalf by the undersigned, thereunto duly
authorized, in the City of Calgary, Province of Alberta, Country of Canada, on the 2nd&nbsp;day of February,&nbsp;2007. </FONT></P>

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<TD WIDTH="39%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2><FONT SIZE=2>TRANSCANADA CORPORATION</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="39%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="4%"><BR><FONT SIZE=2>By:</FONT></TD>
<TD WIDTH="54%" ALIGN="CENTER"><FONT SIZE=2><BR>
/s/&nbsp;&nbsp;</FONT><FONT SIZE=2>HAROLD N. KVISLE</FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="39%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="4%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="54%" ALIGN="CENTER"><HR NOSHADE><FONT SIZE=2> Harold N. Kvisle<BR></FONT> <FONT SIZE=2><I>President and Chief Executive Officer and Director</I></FONT></TD>
</TR>
</TABLE>
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<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant
to the requirements of the Securities Act of 1933, this Amendment to the Registration Statement has been signed below by the following persons in the capacities and on the dates
indicated. </FONT></P>

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<TH WIDTH="37%" ALIGN="CENTER"><FONT SIZE=1><B>Signature</B></FONT><HR NOSHADE></TH>
<TH WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="37%" ALIGN="CENTER"><FONT SIZE=1><B>Title</B></FONT><HR NOSHADE></TH>
<TH WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="21%" ALIGN="CENTER"><FONT SIZE=1><B>Date</B></FONT><HR NOSHADE></TH>
</TR>
<TR VALIGN="BOTTOM">
<TD WIDTH="37%" ALIGN="CENTER" VALIGN="CENTER"><BR><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="CENTER"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="37%" VALIGN="CENTER"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="CENTER"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="21%" VALIGN="CENTER"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="37%" ALIGN="CENTER" VALIGN="CENTER"><FONT SIZE=2>*</FONT><HR NOSHADE><FONT SIZE=2> Harold N. Kvisle</FONT></TD>
<TD WIDTH="2%" VALIGN="CENTER"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="37%" VALIGN="CENTER"><FONT SIZE=2>President and Chief Executive Officer (Principal Executive Officer) and Director</FONT></TD>
<TD WIDTH="2%" VALIGN="CENTER"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="21%" ALIGN="CENTER" VALIGN="CENTER"><FONT SIZE=2>February 2, 2007</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="37%" ALIGN="CENTER" VALIGN="CENTER"><FONT SIZE=2><BR>
*</FONT><HR NOSHADE><FONT SIZE=2> Gregory A. Lohnes</FONT></TD>
<TD WIDTH="2%" VALIGN="CENTER"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="37%" VALIGN="CENTER"><FONT SIZE=2><BR>
Executive Vice-President and Chief Financial Officer (Principal Financial Officer)</FONT></TD>
<TD WIDTH="2%" VALIGN="CENTER"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="21%" ALIGN="CENTER" VALIGN="CENTER"><FONT SIZE=2><BR>
February 2, 2007</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="37%" ALIGN="CENTER" VALIGN="CENTER"><FONT SIZE=2><BR>
*</FONT><HR NOSHADE><FONT SIZE=2> G. Glenn Menuz</FONT></TD>
<TD WIDTH="2%" VALIGN="CENTER"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="37%" VALIGN="CENTER"><FONT SIZE=2><BR>
Vice-President and Controller (Principal Accounting Officer)</FONT></TD>
<TD WIDTH="2%" VALIGN="CENTER"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="21%" ALIGN="CENTER" VALIGN="CENTER"><FONT SIZE=2><BR>
February 2, 2007</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD WIDTH="37%" ALIGN="CENTER" VALIGN="CENTER"><FONT SIZE=2><BR>
*</FONT><HR NOSHADE><FONT SIZE=2> Kevin E. Benson</FONT></TD>
<TD WIDTH="2%" VALIGN="CENTER"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="37%" VALIGN="CENTER"><FONT SIZE=2><BR>
Director</FONT></TD>
<TD WIDTH="2%" VALIGN="CENTER"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="21%" ALIGN="CENTER" VALIGN="CENTER"><FONT SIZE=2><BR>
February 2, 2007</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD WIDTH="37%" ALIGN="CENTER" VALIGN="CENTER"><FONT SIZE=2><BR>
*</FONT><HR NOSHADE><FONT SIZE=2> Derek H. Burney, O.C.</FONT></TD>
<TD WIDTH="2%" VALIGN="CENTER"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="37%" VALIGN="CENTER"><FONT SIZE=2><BR>
Director</FONT></TD>
<TD WIDTH="2%" VALIGN="CENTER"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="21%" ALIGN="CENTER" VALIGN="CENTER"><FONT SIZE=2><BR>
February 2, 2007</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD WIDTH="37%" ALIGN="CENTER" VALIGN="CENTER"><FONT SIZE=2><BR>
*</FONT><HR NOSHADE><FONT SIZE=2> Wendy K. Dobson</FONT></TD>
<TD WIDTH="2%" VALIGN="CENTER"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="37%" VALIGN="CENTER"><FONT SIZE=2><BR>
Director</FONT></TD>
<TD WIDTH="2%" VALIGN="CENTER"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="21%" ALIGN="CENTER" VALIGN="CENTER"><FONT SIZE=2><BR>
February 2, 2007</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD WIDTH="37%" ALIGN="CENTER" VALIGN="CENTER"><FONT SIZE=2><BR>
*</FONT><HR NOSHADE><FONT SIZE=2> E. Linn Draper</FONT></TD>
<TD WIDTH="2%" VALIGN="CENTER"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="37%" VALIGN="CENTER"><FONT SIZE=2><BR>
Director</FONT></TD>
<TD WIDTH="2%" VALIGN="CENTER"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="21%" ALIGN="CENTER" VALIGN="CENTER"><FONT SIZE=2><BR>
February 2, 2007</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD WIDTH="37%" ALIGN="CENTER" VALIGN="CENTER"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="CENTER"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="37%" VALIGN="CENTER"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="CENTER"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="21%" VALIGN="CENTER"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
</TABLE>
<!-- insert table folio -->
<P ALIGN="CENTER"><FONT SIZE=2>III-2</FONT></P>

<HR NOSHADE>
<P style='page-break-before:always'></p>
<!-- ZEQ.=2,SEQ=19,EFW="2175840",CP="TRANSCANADA CORPORATION",DN="1",CHK=163831,FOLIO='2',FILE='DISK121:[07CLG8.07CLG1038]HE1038A.;14',USER='SMAH',CD=';1-FEB-2007;22:46' -->
<A NAME="page_he1038_1_3"> </A>
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<TABLE WIDTH="100%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR VALIGN="BOTTOM">
<TD WIDTH="37%" ALIGN="CENTER" VALIGN="CENTER"><FONT SIZE=2><BR>
*</FONT><HR NOSHADE><FONT SIZE=2> The Hon. Paule Gauthier,<BR>
P.C., O.C., O.Q, Q.C.</FONT></TD>
<TD WIDTH="2%" VALIGN="CENTER"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="37%" VALIGN="CENTER"><FONT SIZE=2><BR>
Director</FONT></TD>
<TD WIDTH="2%" VALIGN="CENTER"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="21%" ALIGN="CENTER" VALIGN="CENTER"><FONT SIZE=2><BR>
February 2, 2007</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD WIDTH="37%" ALIGN="CENTER" VALIGN="CENTER"><FONT SIZE=2><BR>
*</FONT><HR NOSHADE><FONT SIZE=2> Kerry L. Hawkins</FONT></TD>
<TD WIDTH="2%" VALIGN="CENTER"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="37%" VALIGN="CENTER"><FONT SIZE=2><BR>
Director</FONT></TD>
<TD WIDTH="2%" VALIGN="CENTER"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="21%" ALIGN="CENTER" VALIGN="CENTER"><FONT SIZE=2><BR>
February 2, 2007</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD WIDTH="37%" ALIGN="CENTER" VALIGN="CENTER"><FONT SIZE=2><BR>
*</FONT><HR NOSHADE><FONT SIZE=2> S. Barry Jackson</FONT></TD>
<TD WIDTH="2%" VALIGN="CENTER"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="37%" VALIGN="CENTER"><FONT SIZE=2><BR>
Director</FONT></TD>
<TD WIDTH="2%" VALIGN="CENTER"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="21%" ALIGN="CENTER" VALIGN="CENTER"><FONT SIZE=2><BR>
February 2, 2007</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD WIDTH="37%" ALIGN="CENTER" VALIGN="CENTER"><FONT SIZE=2><BR>
*</FONT><HR NOSHADE><FONT SIZE=2> Paul L. Joskow</FONT></TD>
<TD WIDTH="2%" VALIGN="CENTER"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="37%" VALIGN="CENTER"><FONT SIZE=2><BR>
Director</FONT></TD>
<TD WIDTH="2%" VALIGN="CENTER"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="21%" ALIGN="CENTER" VALIGN="CENTER"><FONT SIZE=2><BR>
February 2, 2007</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD WIDTH="37%" ALIGN="CENTER" VALIGN="CENTER"><FONT SIZE=2><BR>
*</FONT><HR NOSHADE><FONT SIZE=2> John A. MacNaughton, C.M.</FONT></TD>
<TD WIDTH="2%" VALIGN="CENTER"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="37%" VALIGN="CENTER"><FONT SIZE=2><BR>
Director</FONT></TD>
<TD WIDTH="2%" VALIGN="CENTER"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="21%" ALIGN="CENTER" VALIGN="CENTER"><FONT SIZE=2><BR>
February 2, 2007</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="37%" ALIGN="CENTER" VALIGN="CENTER"><BR><HR NOSHADE><FONT SIZE=2> David P. O'Brien</FONT></TD>
<TD WIDTH="2%" VALIGN="CENTER"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="37%" VALIGN="CENTER"><FONT SIZE=2><BR>
Director</FONT></TD>
<TD WIDTH="2%" VALIGN="CENTER"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="21%" ALIGN="CENTER" VALIGN="CENTER"><FONT SIZE=2><BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, 2007</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD WIDTH="37%" ALIGN="CENTER" VALIGN="CENTER"><FONT SIZE=2><BR>
*</FONT><HR NOSHADE><FONT SIZE=2> Harry G. Schaefer F.C.A.</FONT></TD>
<TD WIDTH="2%" VALIGN="CENTER"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="37%" VALIGN="CENTER"><FONT SIZE=2><BR>
Director</FONT></TD>
<TD WIDTH="2%" VALIGN="CENTER"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="21%" ALIGN="CENTER" VALIGN="CENTER"><FONT SIZE=2><BR>
February 2, 2007</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD WIDTH="37%" ALIGN="CENTER" VALIGN="CENTER"><FONT SIZE=2><BR>
*</FONT><HR NOSHADE><FONT SIZE=2> D. Michael G. Stewart</FONT></TD>
<TD WIDTH="2%" VALIGN="CENTER"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="37%" VALIGN="CENTER"><FONT SIZE=2><BR>
Director</FONT></TD>
<TD WIDTH="2%" VALIGN="CENTER"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="21%" ALIGN="CENTER" VALIGN="CENTER"><FONT SIZE=2><BR>
February 2, 2007</FONT></TD>
</TR>
</TABLE>
<!-- end of user-specified TAGGED TABLE -->

<!-- User-specified TAGGED TABLE -->
<TABLE WIDTH="76%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR VALIGN="TOP">
<TD WIDTH="100%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
</TABLE>
<!-- end of user-specified TAGGED TABLE -->

<!-- User-specified TAGGED TABLE -->
<TABLE WIDTH="100%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR VALIGN="TOP">
<TD WIDTH="5%"><FONT SIZE=2><BR>
*By:</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="34%" ALIGN="CENTER" VALIGN="CENTER"><FONT SIZE=2><BR>
/s/&nbsp;&nbsp;</FONT><FONT SIZE=2>DONALD J. DEGRANDIS</FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><HR NOSHADE><FONT SIZE=2> Donald J. DeGrandis<BR></FONT> <FONT SIZE=2><I>Attorney-in-Fact</I></FONT></TD>
<TD WIDTH="3%" VALIGN="CENTER"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="36%" VALIGN="CENTER"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="3%" VALIGN="CENTER"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="19%" VALIGN="CENTER"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
</TR>
</TABLE>
<!-- end of user-specified TAGGED TABLE -->

<P ALIGN="CENTER"><FONT SIZE=2>III-3</FONT></P>

<HR NOSHADE>
<P style='page-break-before:always'></p>
<!-- ZEQ.=3,SEQ=20,EFW="2175840",CP="TRANSCANADA CORPORATION",DN="1",CHK=486516,FOLIO='3',FILE='DISK121:[07CLG8.07CLG1038]HE1038A.;14',USER='SMAH',CD=';1-FEB-2007;22:46' -->
<A NAME="page_he1038_1_4"> </A>
<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="he1038_authorized_representative"> </A>
<A NAME="toc_he1038_3"> </A>
<BR></FONT><FONT SIZE=2><B>AUTHORIZED REPRESENTATIVE    <BR>    </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the requirements of Section&nbsp;6(a) of the Securities Act of 1933, the undersigned has signed this Amendment to the Registration Statement, solely
in the capacity of the duly authorized representative of TransCanada Corporation in the United&nbsp;States, on February&nbsp;2, 2007 in Calgary, Alberta, Canada. </FONT></P>

<!-- User-specified TAGGED TABLE -->
<TABLE WIDTH="100%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR VALIGN="TOP">
<TD WIDTH="39%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2><FONT SIZE=2>TRANSCANADA POWER MARKETING&nbsp;LTD.</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="39%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="4%"><BR><FONT SIZE=2>By:</FONT></TD>
<TD WIDTH="54%" ALIGN="CENTER"><FONT SIZE=2><BR>
/s/&nbsp;&nbsp;</FONT><FONT SIZE=2>DONALD J. DEGRANDIS</FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="39%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="4%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="54%" ALIGN="CENTER"><HR NOSHADE><FONT SIZE=2> Donald J. DeGrandis<BR></FONT> <FONT SIZE=2><I>Secretary</I></FONT></TD>
</TR>
</TABLE>
<!-- end of user-specified TAGGED TABLE -->

<P ALIGN="CENTER"><FONT SIZE=2>III-4</FONT></P>

<HR NOSHADE>
<P style='page-break-before:always'></p>
<!-- ZEQ.=4,SEQ=21,EFW="2175840",CP="TRANSCANADA CORPORATION",DN="1",CHK=144632,FOLIO='4',FILE='DISK121:[07CLG8.07CLG1038]HE1038A.;14',USER='SMAH',CD=';1-FEB-2007;22:46' -->
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<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="page_hg1038_1_1"> </A> </FONT></P>

<!-- TOC_END -->
<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="hg1038_exhibit_index"> </A>
<A NAME="toc_hg1038_1"> </A>
<BR></FONT><FONT SIZE=2><B>EXHIBIT INDEX    <BR>    </B></FONT></P>

<!-- User-specified TAGGED TABLE -->
<TABLE WIDTH="100%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR VALIGN="BOTTOM">
<TH WIDTH="10%" ALIGN="CENTER"><FONT SIZE=1><B>Exhibit<BR>
Number</B></FONT><HR NOSHADE></TH>
<TH WIDTH="3%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="88%" ALIGN="CENTER"><FONT SIZE=1><B>Description</B></FONT><HR NOSHADE></TH>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="10%" ALIGN="RIGHT"><FONT SIZE=2>4.1</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="88%"><FONT SIZE=2>Consolidated comparative audited financial statements of TransCanada as at December&nbsp;31, 2005 and 2004 and for each of the years in the three year period ended December&nbsp;31, 2005, the notes thereto and the
auditors' report thereon (included as part of the Form&nbsp;40-F filed with the Securities and Exchange Commission on March&nbsp;2, 2006 and incorporated by reference herein).</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="10%" ALIGN="RIGHT"><BR><FONT SIZE=2> 4.2</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="88%"><FONT SIZE=2><BR>
Management's Discussion and Analysis of Financial Condition and Results of Operations of TransCanada for the year ended December&nbsp;31, 2005 (included as part of the Form&nbsp;40-F filed with the Securities and Exchange Commission on March&nbsp;2,
2006 and incorporated by reference herein).</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="10%" ALIGN="RIGHT"><BR><FONT SIZE=2> 4.3</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="88%"><FONT SIZE=2><BR>
Audited related supplemental note entitled "Reconciliation to United States GAAP" as at December&nbsp;31, 2005 and 2004 and for each of the years in the three year period ended December&nbsp;31, 2005, the notes thereto and the auditors' report
thereon (included as part of the Form&nbsp;40-F filed with the Securities and Exchange Commission on March&nbsp;2, 2006 and incorporated by reference herein).</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="10%" ALIGN="RIGHT"><BR><FONT SIZE=2> 4.4</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="88%"><FONT SIZE=2><BR>
Comments by Auditors for U.S.&nbsp;Readers on Canada-U.S.&nbsp;Reporting Difference, dated February&nbsp;27, 2006 (included as part of the Form&nbsp;40-F filed with the Securities and Exchange Commission on March&nbsp;2, 2006 and incorporated by
reference herein).</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="10%" ALIGN="RIGHT"><BR><FONT SIZE=2> 4.5</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="88%"><FONT SIZE=2><BR>
Annual Information Form of TransCanada for the year ended December&nbsp;31, 2005, dated February&nbsp;27, 2006 (included as part of the Form&nbsp;40-F filed with the Securities and Exchange Commission on March&nbsp;2, 2006 and incorporated by
reference herein).</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="10%" ALIGN="RIGHT"><BR><FONT SIZE=2> 4.6</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="88%"><FONT SIZE=2><BR>
Management Proxy Circular dated February&nbsp;28, 2006 (filed with the Securities and Exchange Commission as part of a Form&nbsp;6-K report on March&nbsp;2, 2006 and incorporated by reference herein).</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="10%" ALIGN="RIGHT"><BR><FONT SIZE=2> 4.7</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="88%"><FONT SIZE=2><BR>
Consolidated comparative interim unaudited financial statements of TransCanada as at September&nbsp;30, 2006 and December&nbsp;31, 2005 and for the three and nine month periods ended September&nbsp;30, 2006 and 2005 (filed with the Securities and
Exchange Commission as part of a Form&nbsp;6-K report on October&nbsp;31, 2006 and incorporated by reference herein).</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="10%" ALIGN="RIGHT"><BR><FONT SIZE=2> 4.8</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="88%"><FONT SIZE=2><BR>
Management's Discussion and Analysis of Financial Condition and Results of Operations of TransCanada as at and for the nine month period ended September&nbsp;30, 2006 (filed with the Securities and Exchange Commission as part of a Form&nbsp;6-K
report on October&nbsp;31, 2006 and incorporated by reference herein).</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="10%" ALIGN="RIGHT"><BR><FONT SIZE=2> 4.9</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="88%"><FONT SIZE=2><BR>
Unaudited related supplemental note entitled "Reconciliation to United&nbsp;States GAAP" as at September&nbsp;30, 2006 and December&nbsp;31, 2005 and for the three and nine month periods ended September&nbsp;2006 and&nbsp;2005 (filed with the
Securities and Exchange Commission as part of a Form&nbsp;6-K report on October&nbsp;31, 2006 and incorporated by reference herein).</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="10%" ALIGN="RIGHT"><BR><FONT SIZE=2> *4.10</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="88%"><FONT SIZE=2><BR>
Material Change Report dated June&nbsp;1, 2006.</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="10%" ALIGN="RIGHT"><BR><FONT SIZE=2> 4.11</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="88%"><FONT SIZE=2><BR>
Material Change Report dated January&nbsp;2, 2007 (filed with the Securities and Exchange Commission as part of a Form&nbsp;6-K report on January&nbsp;3, 2007 and incorporated by reference herein).</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="10%" ALIGN="RIGHT"><BR><FONT SIZE=2> *4.12</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="88%"><FONT SIZE=2><BR>
Consent of KPMG filed with the Alberta Securities Commission.</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="10%" ALIGN="RIGHT"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="88%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
</TABLE>
<!-- insert table folio -->
<BR>
<P ALIGN="CENTER"><FONT SIZE=2>E-1</FONT></P>

<HR NOSHADE>
<P style='page-break-before:always'></p>
<!-- ZEQ.=1,SEQ=22,EFW="2175840",CP="TRANSCANADA CORPORATION",DN="1",CHK=424666,FOLIO='E-1',FILE='DISK121:[07CLG8.07CLG1038]HG1038A.;19',USER='SMAH',CD=';1-FEB-2007;22:46' -->
<A NAME="page_hg1038_1_2"> </A>
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<TABLE WIDTH="100%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR VALIGN="TOP">
<TD WIDTH="10%" ALIGN="RIGHT"><BR><FONT SIZE=2> 4.13</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="88%"><FONT SIZE=2><BR>
Press release dated January&nbsp;30, 2007, relating to the Corporation's results of operations for the three months and year ended December&nbsp;31, 2006 (filed with the Securities and Exchange Commission as part of a Form&nbsp;6-K report on
January&nbsp;30, 2007 and incorporated by reference herein).</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="10%" ALIGN="RIGHT"><BR><FONT SIZE=2> **5.1</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="88%"><FONT SIZE=2><BR>
Consent of KPMG.</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="10%" ALIGN="RIGHT"><BR><FONT SIZE=2> *5.2</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="88%"><FONT SIZE=2><BR>
Consent of Stikeman Elliott&nbsp;LLP.</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="10%" ALIGN="RIGHT"><BR><FONT SIZE=2> *5.3</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="88%"><FONT SIZE=2><BR>
Consent of Mayer, Brown, Rowe&nbsp;&amp; Maw&nbsp;LLP.</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="10%" ALIGN="RIGHT"><BR><FONT SIZE=2> *6.1</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="88%"><FONT SIZE=2><BR>
Power of attorney (pages&nbsp;III-2 to&nbsp;III-3 of the Registration Statement).</FONT></TD>
</TR>
</TABLE>
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<HR NOSHADE ALIGN="LEFT" WIDTH="60">
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>*</FONT></DT><DD><FONT SIZE=2>Previously
filed.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>**</FONT></DT><DD><FONT SIZE=2>Filed
herewith. </FONT></DD></DL>
<P ALIGN="CENTER"><FONT SIZE=2>E-2</FONT></P>

<HR NOSHADE>
<P style='page-break-before:always'></p>
<!-- ZEQ.=2,SEQ=23,EFW="2175840",CP="TRANSCANADA CORPORATION",DN="1",CHK=474321,FOLIO='E-2',FILE='DISK121:[07CLG8.07CLG1038]HG1038A.;19',USER='SMAH',CD=';1-FEB-2007;22:46' -->
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<BR>
<P><br><A NAME="07CLG1038_1">QuickLinks</A><br></P><!-- TOC_BEGIN -->
<FONT SIZE=2><A HREF="#toc_ha1038_1">PART I INFORMATION REQUIRED TO BE DELIVERED TO OFFEREES OR PURCHASERS</A></FONT><BR>

<!-- TOC_BEGIN -->
<FONT SIZE=2><A HREF="#toc_bg1040_1">Table of Contents</A></FONT><BR>
<FONT SIZE=2><A HREF="#toc_bg1040_2">Forward-Looking Information</A></FONT><BR>
<FONT SIZE=2><A HREF="#toc_bg1040_3">Where to Find More Information</A></FONT><BR>
<FONT SIZE=2><A HREF="#toc_bg1040_4">Enforceability of Civil Liabilities</A></FONT><BR>
<FONT SIZE=2><A HREF="#toc_bg1040_5">Documents Incorporated by Reference</A></FONT><BR>
<FONT SIZE=2><A HREF="#toc_bg1040_6">About This Prospectus</A></FONT><BR>
<!-- TOC_BEGIN -->
<FONT SIZE=2><A HREF="#toc_da1040_1">TransCanada Corporation</A></FONT><BR>
<FONT SIZE=2><A HREF="#toc_da1040_2">Recent Developments</A></FONT><BR>
<FONT SIZE=2><A HREF="#toc_da1040_3">Consolidated Capitalization</A></FONT><BR>
<FONT SIZE=2><A HREF="#toc_da1040_4">Use of Proceeds</A></FONT><BR>
<FONT SIZE=2><A HREF="#toc_da1040_5">Description of the Securities Being Distributed</A></FONT><BR>
<FONT SIZE=2><A HREF="#toc_da1040_6">Certain Income Tax Considerations</A></FONT><BR>
<FONT SIZE=2><A HREF="#toc_da1040_7">Plan of Distribution</A></FONT><BR>
<FONT SIZE=2><A HREF="#toc_da1040_8">Risk Factors</A></FONT><BR>
<FONT SIZE=2><A HREF="#toc_da1040_9">Legal Matters</A></FONT><BR>
<FONT SIZE=2><A HREF="#toc_da1040_10">Auditors, Transfer Agent and Registrar</A></FONT><BR>
<FONT SIZE=2><A HREF="#toc_da1040_11">Interest of Experts</A></FONT><BR>
<FONT SIZE=2><A HREF="#toc_da1040_12">Experts</A></FONT><BR>
<FONT SIZE=2><A HREF="#toc_da1040_13">Documents Filed as Part of the Registration Statement</A></FONT><BR>
<!-- TOC_BEGIN -->
<FONT SIZE=2><A HREF="#toc_hc1038_1">PART II INFORMATION NOT REQUIRED TO BE DELIVERED TO OFFEREES OR PURCHASERS</A></FONT><BR>
<FONT SIZE=2><A HREF="#toc_hc1038_2">EXHIBITS</A></FONT><BR>
<!-- TOC_BEGIN -->
<FONT SIZE=2><A HREF="#toc_he1038_1">PART III UNDERTAKING AND CONSENT TO SERVICE OF PROCESS</A></FONT><BR>
<FONT SIZE=2><A HREF="#toc_he1038_2">SIGNATURES</A></FONT><BR>
<FONT SIZE=2><A HREF="#toc_he1038_3">AUTHORIZED REPRESENTATIVE</A></FONT><BR>

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<TYPE>EX-5.1
<SEQUENCE>2
<FILENAME>a2175612zex-5_1.htm
<DESCRIPTION>EXHIBIT 5.1
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<P ALIGN="RIGHT"><FONT SIZE=2><B>Exhibit 5.1  </B></FONT></P>

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<TH WIDTH="38%" ALIGN="CENTER"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
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<IMG SRC="g722547.jpg" ALT="LOGO" WIDTH="108" HEIGHT="43">
 </B></FONT></TD>
<TD WIDTH="31%"><FONT SIZE=1><B>KPMG&nbsp;</B></FONT><FONT SIZE=1>LLP</FONT><BR>
<FONT SIZE=1><B>Chartered Accountants</B></FONT><FONT SIZE=1><BR>
2700-205 5&nbsp;Avenue SW<BR>
Calgary AB&nbsp;&nbsp;&nbsp;&nbsp;T2P&nbsp;4B9</FONT></TD>
<TD WIDTH="31%" ALIGN="RIGHT"><FONT SIZE=1><BR>
Telephone (403)&nbsp;691-8000<BR>
Telefax (403)&nbsp;691-8008<BR>
Internet www.kpmg.ca</FONT></TD>
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<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="kg1039_consent_of_independent___kg102332"> </A>
<A NAME="toc_kg1039_1"> </A>
<BR></FONT><FONT SIZE=2><B>CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM    <BR>    </B></FONT></P>

<P><FONT SIZE=2>The
Board of Directors of TransCanada Corporation </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
consent to the use of our audit report dated February&nbsp;27, 2006 on the consolidated balance sheets of TransCanada Corporation as at December&nbsp;31, 2005 and 2004 and the
consolidated statements of income, retained earnings and cash
flows for each of the years in the three-year period ended December&nbsp;31, 2005, our audit report dated February&nbsp;27, 2006 on the related supplemental note entitled
"Reconciliation to United&nbsp;States GAAP" as at December&nbsp;31, 2005 and 2004 and for each of the years in the three-year period ended December&nbsp;31, 2005 and our Comments for
U.S.&nbsp;Readers on Canada-U.S.&nbsp;Reporting Differences dated February&nbsp;27, 2006, each of which is incorporated by reference in the Registration Statement on
Form&nbsp;F-10 and&nbsp;related base shelf prospectus of TransCanada Corporation, and to the reference to our firm under the headings "Experts" and "Interest of Experts" in
the&nbsp;prospectus. </FONT></P>

<P><FONT SIZE=2>(Signed)
KPMG&nbsp;LLP </FONT></P>

<P><FONT SIZE=2>Chartered
Accountants<BR>
Calgary, Canada<BR>
January 31, 2007 </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=1>KPMG LLP, a Canadian limited liability partnership is the Canadian<BR>
member firm of KPMG International, a Swiss cooperative </FONT></P>

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`
end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----
